The Philippine National Bank is looking to raise at least USD300 million—around P17.5 billion—in fresh capital through a medium-term bond issuance.
PNB, the country’s 7th largest lender by assets, said the borrowing is part of the planned USD2.0 billion euro medium term note, or EMTN, issuance approved by its board of directors.
EMTN are unsecured debt instruments that mature in five to 10 years and are usually issued in countries that deal with euro currencies.
PNB, which is controlled by the Lucio Tan Group, said the approved notes issuance may be upsized up to USD2 billion depending on market demand.
The debt issuance will raise for PNB fresh capital to bankroll expansion plans and increase lending.
