The Land Bank of the Philippines (LANDBANK) successfully completed its
P10.5 billion issue of Peso-denominated Tier 2 Notes. The deal was
upsized from the announced P6.5 billion after LANDBANK received orders
of over P12.5 billion.
The strong demand for the Notes also allowed the Bank to price at the tightest end of its indicative pricing guidance, setting the coupon at 5.875% per annum after initially announcing a range of 6.0% area. The Notes achieved the lowest coupon for a Tier 2 transaction and also marks the largest ever public Peso bank issuance in the Philippines. "We are very pleased with the results of our capital raising exercise. The Tier 2 Notes will further strengthen LANDBANK's capital ratios and provide us significant room to continue pursuing our mandate of supporting countryside development," LANDBANK President and CEO Gilda E. Pico said. The Notes, which will be issued on January 27, 2012, will carry a tenor of ten years and three months, with a call option after the fifth year. There is no step-up in the interest rate should LANDBANK decide not to exercise the call option. Deutsche Bank AG, Manila Branch, The Hongkong and Shanghai Banking Corporation Limited and Standard Chartered Bank acted as the Joint Lead Arrangers and Selling Agents for the transaction. Another selling agent was the Multinational Investment Bancorporation. LANDBANK was also a selling agent on a limited basis. - https://www.affordablecebu.com/
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"LANDBANK successfully raises P10.5 billion Peso-denominated Tier 2 Notes" was written by Mary under the Banking category. It has been read 1926 times and generated 0 comments. The article was created on 27 January 2012 and updated on 27 January 2012.
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