PNB to issue US$300m offshore bonds


SINGAPORE, May 27 (IFR) - Philippine National Bank plans to issue US$300m of bonds, with an option to upsize, according to a filing on the Philippine Stock Exchange.

The planned issuance will be part of a US$1bn euro medium-term note programme.

The bank received board approval to issue offshore bonds on May 24.

It is looking at tapping the capital markets in various formats as it diversifues its funding sources to satisfy a growing customer base.

PNB raised Ps13.87bn (US$266m) from two-year maiden notes at 6.3% earlier this month.

(Reporting by Krishna Merchant; Editing by Vincent Baby)

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