Philippine National Bank (PNB) announced the start of the public offer for its PHP Fixed Rate Series A ASEAN Sustainability Bonds (the “Series A Bonds”) due 2028 and PHP Fixed Rate Series B ASEAN Sustainability Bonds (the “Series B Bonds”) due 2030 (collectively, the “Bonds”).
The issuance, which falls under PNB’s PHP50 Billion Bond and Commercial Paper Programme (“the Programme”), underscores the Bank’s continued commitment to responsible financing, long-term sustainable growth, and adherence to international environmental, social, and governance (ESG) standards.
Offer Details
PNB is offering the Bonds in two tranches with a minimum aggregate principal amount of PHP3 billion, with the option to upsize based on market demand.
| Tenor | Series | Due Date | Interest Rate (p.a.) |
|---|---|---|---|
| 3-Year | Series A | 2028 | 5.4877% |
| 5-Year | Series B | 2030 | 5.7764% |
The minimum investment amount for the Bonds is PHP100,000, and in multiples of PHP50,000 thereafter.
The net proceeds from the Bonds will be strategically allocated to finance or refinance eligible projects under the PNB’s Sustainable Financing Framework. These projects are consistent with the principles and guidelines set forth by the ASEAN Sustainability Bonds Standards.
The public offer period for the Bonds commences today, November 26, 2025, and will run until December 2, 2025. The Bonds are intended to be issued, settled, and 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 acting as the Joint Lead Arrangers and Bookrunners for the Bonds. PNB, ING, and SCB will also serve as Selling Agents for the offer.
