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Keisha Ta-Asan - The Philippine Star
December 12, 2025 | 12:00am
The issuance was conducted under PNB’s P50- billion bond and commercial paper program. Of the total raised, P10.88 billion came from the fixed rate Series A ASEAN sustainability bonds due 2028, which were priced at 5.4877 percent per annum.
Philstar.com / Irra Lising
MANILA, Philippines — Lucio Tan-owned Philippine National Bank has returned to the onshore bond market for the first time since 2019, raising P15.7 billion from a dual tranche ASEAN sustainability bond issuance that drew heavy demand from both institutional and retail investors.
In a statement, the bank said the offer was more than 5.2 times oversubscribed compared to its initial target size of P3 billion, underscoring “the strong support from institutional and retail investors.”
The issuance was conducted under PNB’s P50- billion bond and commercial paper program. Of the total raised, P10.88 billion came from the fixed rate Series A ASEAN sustainability bonds due 2028, which were priced at 5.4877 percent per annum.
The remaining P4.82 billion was generated from the fixed rate Series B ASEAN sustainability bonds due 2030 at an interest rate of 5.7764 percent per annum.
Both tranches carry a minimum investment size of P100,000, with increments of P50,000 thereafter.
PNB said proceeds would be used “to finance or refinance eligible projects under PNB’s Sustainable Financing Framework consistent with the ASEAN Sustainability Bonds Standards,” adding that the offering reflects the bank’s commitment to sustainable financing while supporting its ongoing growth strategy.
The bonds were listed on the Philippine Dealing and Exchange Corp. yesterday.
PNB Capital and Investment Corp., ING Bank N.V. Manila branch and Standard Chartered Bank served as joint lead arrangers and bookrunners. PNB, ING and Standard Chartered also acted as selling agents.
The bank reminded investors that the securities are exempt from registration under Section 9.1(e) of the Securities Regulation Code. It also emphasized that “the bonds are not deposit instruments and are not insured by the Philippine Deposit Insurance Corp.”
PNB recently reported a 23 percent year-on-year profit growth to P18.5 billion for the January to September period, supported by strong operating income.
