Philippine National Bank (PNB) said it has raised P15.7 billion through a dual-tranche ASEAN sustainability bond issuance, marking its return to the domestic bond market for the first time since 2019.
The offering drew robust investor demand, with the order book more than 5.2 times the initial target size, the bank said in a stock exchange disclosure on Thursday.
The bonds were issued under the bank’s P50-billion bond and commercial paper program. PNB issued P10.88 billion in fixed rate Series A ASEAN Sustainability Bonds due in 2028 at an interest rate of 5.4877 percent per year. The Series B bonds, due in 2030, secured P4.82 billion at an annual interest rate of 5.7764 percent. The bonds require a minimum investment of P100,000, with increments of P50,000.
Net proceeds from the issuance will be used to finance or refinance eligible projects under PNB’s Sustainable Financing Framework, aligning with the ASEAN Sustainability Bonds Standards. The bonds were listed on the Philippine Dealing & Exchange Corp. on Thursday.
PNB Capital and Investment Corporation, ING Bank N.V. Manila Branch and Standard Chartered Bank served as joint lead arrangers and bookrunners. PNB, ING and Standard Chartered also acted as selling agents.
