The Philippine National Bank (PNB), part of tycoon Lucio Tan's business empire, successfully returned to the offshore bond market, raising $300 million through a five-year sustainability bond offering. This marks PNB’s first bond issuance in five years and forms part of its $2-billion euro medium term note program.
Philippine National Bank , the financial arm of tycoon Lucio Tan, successfully returned to the offshore bond market, raising $300 million from a five-year sustainability bond offering.
PNB said there was strong interest in the offering, which was more than 3.6 times oversubscribed, totaling $1.1 billion from global investors.“We believe this is an ideal time to return to the market, given the reduction in interest rates complemented by the bank’s improved core banking activities.
By investor type, 67 percent were asset managers and hedge funds, 23 percent were banks and 10 percent included private banks and broker dealers. He said the bank would use the funds for sustainable financing initiatives, strengthening its role in the Philippine banking system.
BNK Sustainability Bond Offering Lucio Tan Philipp
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