LANDBANK launches Peso-denominated Tier 2 to investors

The Land Bank of the Philippines formally launched its offering of Peso-denominated Tier 2 unsecured subordinated Notes during an investors briefing last Tuesday at the Makati Shangri-La Hotel. LANDBANK President and CEO Gilda E. Pico led the launch with an overview of the Bank's financial and institutional strength, highlighting its role as a prime mover in the rural economy. "LANDBANK's offering of the Notes at the current low interest rate environment will further strengthen our capital position and, more importantly, boost our lending to farmers and fisherfolk and other priority sectors congruent with our countryside development mandate," Pico explained.

The Notes offering for a minimum of P6.5 billion will run until January 20, 2012 but may be adjusted as needed. The indicative interest rate is around 6 percent per annum, with the final rate to be set at the end of the offer period.
Interest on the Notes will be paid quarterly and will be fixed for the life of the Notes.

The Notes will carry a fixed rate coupon and will be priced based on the prevailing 10-year PDST-F benchmark. The Notes will have a maturity date of 10 years and three months from the issue date, with a call option after the fifth year.

Deutsche Bank AG, Manila Branch, The Hongkong and Shanghai Banking Corporation Limited, and Standard Chartered Bank are the joint lead arrangers and selling agents for the transaction, with Multinational Investment Bancorporation also acting as a selling agent for this offering, along with LANDBANK and its branches on a limited basis.

At present, LANDBANK ranks among the top five universal banks with a large network of branches and automated teller machines well distributed in 79 of the country?s provinces. - https://www.affordablecebu.com/