State-run Land Bank of the Philippines said Friday it will issue its first Sustainability Bonds to fund environmental and social projects.
LandBank said in a statement it plans to tap and access the capital markets to raise at least P3 billion from the peso-denominated fixed-rate bond offering with a two-year tenor. Due 2024, the bonds will be issued in minimum denominations of P50,000 and in multiples of P10,000 thereafter.
Interest rate is expected to be set on Oct. 23 while offer period is scheduled from Oct. 26 to Nov. 6, 2020. Listing at the Philippine Dealing and Exchange Corp. is set on Nov. 17.
Standard Chartered Bank will be the sole lead arranger and bookrunner, while both LandBank and SCB will be selling agents.
“With the pandemic posing both as a pressing challenge and opportunity, it strengthens LandBank’s commitment all the more, with a sharpened focus in supporting sectors and activities for sustainable recovery,” LandBank president and chief executive Cecilia Borromeo said.