State-owned Land Bank of the Philippines launched a P30-billion public offering of sustainable bonds on Wednesday to fund projects spanning agriculture, environmental protection and social development.
The Agriculture, Sustainability, Environment and Socioeconomic Development (ASENSO) issuance features two tranches. The Series B bonds carry a 1.5-year tenor with a fixed coupon rate of 5.1714 percent, while the 3-year Series C bonds offer a fixed annual yield of 5.5615 percent.
Land Bank of the Philippines president and chief executive Lynette Ortiz said the ASENSO bonds allow Filipinos to grow their savings through attractive returns while directly supporting projects that strengthen agriculture, protect the environment, create jobs and uplift communities.
The bank initially set the offer size at P5 billion but increased the volume to P30 billion following strong investor demand. Interest payments will be made quarterly from the issuance date and remain subject to applicable withholding tax.
Investors can participate with a minimum investment of P10,000 and additional increments of P10,000. Subscriptions are available through the bank’s mobile app, over-the-counter transactions and authorized selling agents.
