PNB Returns to Bond Market with ₱15.7-B Dual-Tranche ASEAN Sustainability Offering

Philippine National Bank (PNB) raised ₱15.7 billion through a dual-tranche three-year and five-year ASEAN Sustainability Bond issuance under its ₱50-billion Bond and Commercial Paper Programme, marking its return to the domestic debt capital market since 2019.

Proceeds will be used to finance or refinance eligible projects under PNB’s Sustainable Financing Framework, in line with ASEAN Sustainability Bond Standards. (Photo: Philippine National Bank Facebook)

The offering was more than 5.2 times oversubscribed, driven by strong institutional and retail investor demand. PNB raised ₱10.88 billion from its Series A Bonds due 2028 at an interest rate of 5.4877 percent, and ₱4.82 billion from its Series B Bonds due 2030 at 5.7764 percent.

The bonds carry a minimum investment of ₱100,000, with increments of ₱50,000 thereafter.

Proceeds will be used to finance or refinance eligible projects under PNB’s Sustainable Financing Framework, in line with ASEAN Sustainability Bond Standards.

The bonds were listed on the Philippine Dealing & Exchange Corp. (PDEx) on December 11, 2025.

PNB Capital and Investment Corporation, ING Bank N.V., Manila Branch, and Standard Chartered Bank served as joint lead arrangers and bookrunners, and also acted as selling agents.