China Bank Lists PhP 30 Billion Fixed Rate Bonds On PDExPosted on: July 10, 2019
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.