PHILIPPINE National Bank said it doubled the size of its overall euro medium-term note (MTN) program to $2 billion, after announcing plans to tap the same facility for a further $300 million.
In a disclosure to the bourse Friday, the bank said its board approved the increase in its euro MTN program to $2 billion from the initial $1 billion.
Further details were not immediately available on Friday.
PNB established its euro note program in April last year. During that month, it allocated $300 million in proceeds from the program to support its dollar lending.
The bank said last week that it wants to raise another $300 million in fresh funds through the MTN program.
Apart from the euro term notes, PNB will also raise about P12 billion through a rights offer of up to 300 million shares. The offer will run between June 26 and July 5, with the proceeds to strengthen its common equity tier-1 ratio.
The ex-rights date for the offer is June 18.
In early May, PNB issued P13.87 worth of two-year peso bonds, with the proceeds to support the bank’s lending business.
The bond coupon was 6.3%, payable quarterly until May 2021. The issue was oversubscribed, attracting investor interest equivalent to nearly three times the announced issue size of P5 billion.
PNB booked a net profit of P1.9 billion in the first quarter, up 30% from the same period last year.
PNB shares closed at P57.60 Friday, down P2.15 or 3.60%. — Karl Angelo N. Vidal