China Bank Lists 15 Billion Series 1 Tranche 1 Bonds on PDExPosted on: October 22, 2020
22 October 2020, Makati, Philippines — China Banking Corporation (China Bank), stock symbol CHIB, returns to the local debt market today with the listing of its PHP 15 Billion Series 1 Tranche 1 Bonds at the Philippine Dealing & Exchange Corp. (PDEx). The 2-year bonds carry an interest rate of 2.75% per annum to be paid quarterly.
The issuance was warmly welcomed by the market, with the offer being three times oversubscribed from CHIB’s initial offering.
“We note that this second bank bond issuance was oversubscribed from the original planned PHP 5 Billion, another reaffirmation of the trust and loyalty of your client bondholders just as in your previous security issuances,” said PDEx President and Chief Executive Officer Antonino A. Nakpil.
Despite the current global health crisis, 2020 proves to be a banner year for China Bank. On top of the success of the its bond offering, the first local privately-owned bank also celebrates its centennial anniversary this year. It also won the Mobile Banking & Payment Initiative of the Year – Philippines award from the Asian Banking & Finance Magazine for its China Bank mobile application.
China Bank President William C. Whang shared a few words to thank its investors for the strong market demand in their return to the capital market and emphasized the importance of capital markets as a source of capital for both issuers and investors alike.
“The capital markets play a vital role in resource mobilization and the intermediation between lenders and borrowers of capital. And we are proud and grateful that with the trust of our own clients and the investing public in China Bank’s solid fundamentals and financial strength, we are able to successfully tap the domestic capital market to enhance our funding flexibility, and at the same time, to provide investors with higher yielding investment alternatives,” added Mr. Whang.
This 29th listing for 2020 brings the year-to-date total of new listings to PHP 329.13 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.49 Trillion issued by 55 companies, comprised of 203 securities.