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China Bank Lists PhP 30 Billion Fixed Rate Bonds On PDEx
Posted on: July 10, 2019
In the photo are (from left), China Bank Capital Corporation President Ryan Martin Tapia, The Hongkong and Shanghai Banking Corporation Wholesale Banking Philippines Head Michael Brennan, Standard Chartered Bank Philippines Chief Executive Officer Lynette Ortiz, PDS Group President Ma. Theresa B. Ravalo, China Banking Corporation (CHIB) Chairman Hans Sy, CHIB President William Whang, CHIB Chief Operating Officer Romeo Uyan Jr., PDEx President and COO Antonino A. Nakpil, CHIB Chief Finance Officer Patrick Cheng, and Amalgamated Investment Bancorporation Executive Vice President, Chief Finance Officer Servando Alvarez Jr.
10 July 2019, Makati Philippines – China Banking Corporation (China Bank, stock symbol: CHIB) lists its initial issuance of PhP 30 Billion Fixed Rate Bonds on the Philippine Dealing & Exchange Corp. (PDEx), the second largest single bond issue to date.
“This is the first-ever Philippine bank bond with monthly coupon payments to be issued and listed, and a feature probably contributing to its being oversubscribed by six (6) times from the original PHP 5.0 Billion offer,” said PDEx President and COO Antonino A. Nakpil.
“With today’s 17th listing, the level of new bond listings for 2019 now reaches PhP 226.74 Billion, with a total outstanding amount of listed corporate bonds to PhP 1.23 Trillion comprised of 176 securities from 49 issuers,” added Mr. Nakpil.
“We are very grateful for the overwhelming market response which reflects our clients’ confidence in China Bank,” said China Bank President William C. Whang.
“The success of a bond issue of this size in accessing the capital markets, following the successful two rounds of LTNCD that we issued in the previous years, is likewise a testament to the Bank’s institutional strength, as reflected in the investment grade credit rating given to China Bank in 2017 and recently affirmed by Moody’s,” he added.
This issue forms part of CHIB’s planned P75-billion fund raising program for the next three years to support its expansion and strategic initiatives.