PNB returns to offshore debt market with $300 million issuance

Florido P. Casuela

PNB President 

Taipan Lucio Tan’s Philippine National Bank is returning to the offshore debt market for the first time in five years as the board approved the issuance of $300 million notes.

This will come from PNB’s $2 billion Euro Medium Term Note (EMTN) program, which was first established in 2018 to help support the bank’s expansion.

The PNB approved the notes issuance during a board meeting on May 24.

$1 billion issued so far 

PNB previously tapped the EMTN program to issue $300 million in notes on April 26, 2018.

The program was doubled in size to $2 billion a year later, allowing PNB to issue $750 million in notes on June 27, 2019.

Both issuances are listed on the Singapore Exchange Securities Trading Ltd., according to PNB.