PNB to raise $1 billion under EMTN program

Philippine National Bank (PNB) announced it will conduct a medium-term note program to raise $1 billion.
In a disclosure to the Philippine Stock Exchange on Thursday, April 5, the Tan-led PNB said it will establish a $1-billion Euro Medium Term Note (EMTN) Program, as confirmed by its board.
PNB added that it will authorize two of the following officers: President Reynaldo A. Maclang; Treasury Sector Head Horacio E. Cebrero III; Chief Financial Officer Nelson C. Reyes and Corporate Treasurer Maria Paz D. Lim, to select the arrangers, lead managers, book runners and co-managers and other third parties as well as determine the terms of EMTN issuance among others.
Banks usually employ a note facility to raise more capital to fund its programs and operation by issuing unsecured fixed rate notes. — Karl Angelo N. Vidal