Philippine National Bank (PNB) has received approval from the central bank to sell unsecured subordinated debt, Reuters reports. The firm is seeking to raise up to $232 million in Tier two capital. The peso-denominated debt is scheduled to mature 2021.
The arranger for the lower Tier two issue is ING Bank, adds Business World Online. The lender, with a market value of about $960 million, is controlled by Philippine Airlines’ owner, Lucio Tan.
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