PNB marks return to PHP bond market with P15.7 billion dual tranche ASEAN sustainability offering

Philippine National Bank (“PNB” or the “Bank”) raised P15.7 billion via a dual tranche 3 year and 5-year ASEAN Sustainability bond offering under its P50 Billion Bond and Commercial Paper Programme (“the Programme”). The issuance marks the Bank’s successful return to the domestic debt capital market since 2019, garnering an orderbook that was more than 5.2 times oversubscribed the initial target size on back of the strong support from institutional and retail investors. 

The Bank raised a total of P10.88 billion of its PHP Fixed Rate Series A ASEAN Sustainability Bonds due 2028 (the “Series A Bonds”) at an interest rate of 5.4877% per annum, while the PHP Fixed Rate Series B ASEAN Sustainability Bonds due 2030 (the “Series B Bonds”) secured a total of P4.82 billion at an interest rate of 5.7764% per annum (collectively, the “Bonds”). The Bonds have a minimum investment amount of P100,000 with increments of PHP50,000 thereafter. 

The net proceeds from the Bonds will be used to finance or refinance eligible projects under PNB’s Sustainable Financing Framework consistent with the ASEAN Sustainability Bonds Standards, a reflection of the PNB’s resolute commitment towards sustainable financing in tandem with the Bank’s growth mode.

The Bonds were listed on the Philippine Dealing & Exchange Corp. (“PDEX”) on December 11, 2025. 

PNB Capital and Investment Corporation (“PNB Capital”), ING Bank N.V., Manila Branch (“ING”), and Standard Chartered Bank (“SCB”) are the Joint Lead Arrangers and Bookrunners for the Bonds. PNB, ING, and SCB are Selling Agents. 

Philippine National Bank is one of the country’s largest private universal banks in terms of assets and deposits. It provides a full range of banking and other financial services to its highly diverse clientele comprised of individual depositors, small and medium enterprises, domestic and international corporations, government institutions, and overseas Filipinos. Backed by over a century of stability and excellence, PNB looks forward to more years of serving its customers first.