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Philippine National Bank (PNB) intends to launch Tranche 2 of Fixed Rate Unsecured Subordinated Notes

The Philippine National Bank (PNB), one of the country's top 5 banks, intends to launch Tranche 2 of the Bank's Fixed Rate Unsecured Subordinated Notes eligible as Tier 2 Capital (the "Notes") by April 23, 2012. PNB intends to sell PhP3.5BN of the 10-year notes. The Notes are callable after the end of the 5th year from issue date, in May 2017. These terms are in compliance with the BSP's revised rules for Tier 2 issuance.
The offering period is expected to end on May 4, 2012 with the issue date targeted by May 9, 2012, or such other date determined by PNB and ING Bank N.V., Manila Branch, the Arranger for the issuance. First Metro Insurance Corporation and Multinational Investment Bancorporation are Selling Agents for the Tier 2 offering while PNB Capital and Investment Corporation and Allied Banking Corporation are Limited Selling Agents.
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"Philippine National Bank (PNB) intends to launch Tranche 2 of Fixed Rate Unsecured Subordinated Notes" was written by Mary under the Banking category. It has been read 2162 times and generated 0 comments. The article was created on and updated on 20 April 2012.
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