Friday, 13 January 2012 00:00
Land Bank of the Philippines (Landbank)launched on Wednesday its P6.5 billion peso-denominated 10-year and three months Tier 2 unsecured subordinated Notes offering.
Landbank president and chief executive officer (CEO) Gilda E. Pico spearheaded the launch and stressed the need for the bank’s capital raising in line with its mandate to promote growth in rural areas.
“Landbank’s offering of the Notes at the current low interest rate environment will further strengthen our capital position and, more importantly, boost our lending to farmers and fisherfolk and other priority sectors congruent with our countryside development mandate,” she said.
Indicative rate for this offer is around six percent annually but final rate will be set at the end of the offer period. Interest rates will be paid quarterly and will be fixed throughout its tenor.
Pico said they will offer the notes until Jan. 20, 2012 “but this may be adjusted as needed”.
She said that the notes would carry a fixed rate coupon “and will be priced based on the prevailing 10-year PDST-F benchmark.”
She also said that the Tier 2 notes has a call option after the fifth year.
Landbank has mandated Deutsche Bank AG, Manila Branch, Hongkong and Shanghai Banking Corp. Limited (HSBC), and Standard Chartered Bank as joint lead arrangers and selling agents for the transaction while Multinational Investment Bancorporp. was tapped as selling agent, along with Landbank and its branches, on a limited basis.
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