By James A. Loyola China Banking Corporation (China Bank) successfully raised P30 billion from its maiden issue of peso fixed rate bonds, six times its original offer size of P5 billion due to strong investor support. “We are very grateful for the overwhelming market response which reflects our clients’ confidence in China Bank’s fundamental strength and future prospects,” said China Bank President William C. Whang. Because the issue was six times oversubscribed, China Bank upsized the amount to P30 billion from the initial target of P5 billion to accommodate strong investor demand, setting the record for having the most number of investors with 7,645 registered holders. This is one of the largest corporate bond issuances on a single issuance in the market to-date – a testament to the bank’s placement capabilities, solid client support and strong distribution reach. “The success of a bond issue of this size in accessing the capital markets – following the successful two rounds of LTNCD that we issued in the previous years – is likewise a testament to the institutional strength of China Bank, as reflected in the investment grade credit rating given to China Bank in 2017 and recently affirmed by Moody's,” Whang added. The China Bank bonds, due January 2021, carry an annual interest rate of 5.70 percent, which will be paid monthly. This bond issue forms part of the Bank's planned P75-billion fund-raising program for the next three years to support its expansion and strategic initiatives. Last year, China Bank raised P10.25 billion via LTNCD.