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          MANILA -- The Tan-led Philippine National Bank (PNB) announced on Friday its scheduled issuance of USD300 million worth of five-year-and-one-day Fixed Rate Senior Notes as part of the bank’s Medium-Term Note Program (MTNP).

          In a disclosure with the Philippine Stock Exchange (PSE), the bank said the Notes, to be settled on April 26, is the initial issuance under the bank’s MTNP. The Notes have a coupon rate of 4.25 percent per annum and will be priced at 99.532 per 100.

          “Proceeds of the Notes will be used for PNB’s general corporate purposes,” the disclosure said.

          The bank said the Notes have been rated Baa2 by Moody’s Investors Service, same as the bank’s ratings, and will be listed on the Singapore Exchange Securities Trading Ltd.

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          PNB tapped Citigroup, MUFG, Standard Chartered Bank and Wells Fargo Securities as joint arrangers and joint lead managers and joint book runners for the issuance. (PNA)





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