China Bank to issue P5-B fixed rate bonds » Manila Bulletin Business

Manila Bulletin Philippines

Breaking News from the Nation's leading newspaper

Tempo

Online Newspaper

Showbiz and Celebrity News

Sports News

World News
News Asia

China Bank to issue P5-B fixed rate bonds

Published

By James A. Loyola

China Banking Corporation (China Bank) is raising at least P5 billion through its maiden peso fixed rate bonds issue slated for June 10 to 28, 2019.

In a statement, China Bank said its bonds carry an annual interest rate of 5.70 percent which will be paid on a monthly basis.

The minimum investment is P100,000, with additional placements in increments of P50,000. The bonds have a tenor of 18 months, maturing in January 2021.

“We aim to provide retail investors with a good investment opportunity and enhance public participation in the capital markets while increasing our funding flexibility,” said China Bank Chief Operating Officer Romeo D. Uyan Jr.
HSBC and Standard Chartered Bank are the joint lead arrangers for this transaction, while the selling agents are China Bank, China Bank Capital, Amalgamated Investment Bancorporation, HSBC, and Standard Chartered Bank.

The bond issue is part of China Bank’s planned P75-billion fund raising program for the next three years to support its expansion and strategic initiatives.

China Bank’s plan to issue retail bonds and/or commercial papers is also in line with its intention to be an active participant in the ongoing economic expansion of the country and the government’s infrastructure initiatives.

Last year, China Bank raised P10.25 billion through a public offering of peso-denominated Long-Term Negotiable Certificates of Time Deposits (LTNCD).

The China Bank Bonds will be listed on the Philippine Dealing & Exchange (PDEx) platform on July 10, 2019.

Related Posts