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PNB lists P4.6-b LTNCDs with bond exchange

Philippine National Bank, the fifth-largest lender in terms of assets controlled by tycoon Lucio Tan, listed on Friday P4.6 billion worth of long-term negotiable certificates of deposit at the Philippine Dealing & Exchange Corp.

PNB said in a statement the LTNCDs represented the second tranche of its P20-billion program approved by regulators.  The amount was equivalent to an oversubscription of almost 2.3 times the announced issue size of P2 billion.

“This second tranche puts our total LTNCD issuance for the year to P12.82 billion. It brings the aggregate new PDEx listings for the year to P26.70 billion,” PNB president and chief executive Wick Veloso said.

“We thank the investors for supporting PNB and its strategy focused on Safe, Aggressive Growth,” he said.

The bank has been very active in offering investment opportunities to clients. Aside from business expansion, the LTNCD issuances support the bank’s efforts to diversify funding sources to meet the financial needs of clients.

HSBC is the sole arranger and bookrunner of the transaction and is also a selling agent alongside PNB, First Metro Investment Corp. and Multinational Investment Bancorporation.

PNB remains one of the strongest banks in the country in terms of assets, loans, deposits and total branch network.

Net in the first half fell 28 percent to P3.9 billion from P5.4 billion in the same period last year because of a “one-time gain” from the sale of foreclosed assets in 2018.

Total consolidated assets, however, jumped 24 percent to P1.09 trillion as of June 2019, or an increase of P211 billion over a year ago.

Loans and receivables, supported by the double-digit growth in loans to commercial and small and medium enterprise segments, increased by 13 percent to P594.1 billion.

PNB’s stable retail banking franchise catapulted its deposit liabilities to a 15-percent growth to P775.1 billion.

Topics: Philippine National Bank , PNB , Lucio Tan , long-term negotiable certificates of deposit , Philippine Dealing & Exchange Corp. , bond exchange
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