Philippine National Bank (PNB), led by Lucio Tan, plans to raise at least $300 million from issuing dollar bonds in the offshore debt market this year.
The bank’s board approved this issuance on May 24, alongside updating its euro medium-term note program to $2 billion from the previous $1 billion.
In 2019, PNB successfully raised $750 million from an oversubscribed issuance of fixed-rate senior notes. Additionally, PNB raised P13.87 billion through a heavily oversubscribed maiden offering of peso-denominated bonds in May 2019.
The bank reported a 10.4% earnings increase to P5.31 billion in the first quarter, driven by core business growth and reduced credit provisions.
Source: PhilNews24 | May 28, 2024
