Milbank LLP represented Philippine National Bank on its issuance of US$750 million senior notes from its recently updated and increased US$2 billion medium term note program. This transaction marks the largest US dollar bond offering by a Philippine bank.
The five year bonds carry a coupon rate of 3.28 percent a year. Approximately 75 percent of the notes were allocated to Asian investors and 25 percent were allocated to European investors, further expanding and diversifying the bank’s investor base.
The Hong Kong-based Milbank team was led by Global Capital Markets partner James Grandolfo with counsel Paul Pery and associate Ari Singzon.
Mr. Grandolfo said: “Our Milbank team is thrilled to have advised long-time client Philippine National Bank on this landmark transaction. This record issuance will help to fuel PNB’s growth and allow the bank to pursue new opportunities that capitalize on and support the Philippines’ strong economic growth.”
The deal closed on June 27, 2019.
