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Manila Bulletin devider Business devider Banking & Finance devider Lucio Tan's PNB completes first bond offering since 2019, raising ₱16 billion

Lucio Tan's PNB completes first bond offering since 2019, raising ₱16 billion

Published Dec 11, 2025 09:58 am
Philippine National Bank (PNB), the banking arm of the Lucio Tan Group, has successfully raised ₱15.7 billion from its return to the domestic debt capital market, its first since 2019.
In a disclosure to the Philippine Stock Exchange, the lender said the amount was raised via a dual-tranche, three-year and five-year ASEAN Sustainability bond offering under its ₱50-billion Bond and Commercial Paper Programme.
The issuance garnered an order book that was more than 5.2 times oversubscribed the initial target size of ₱3 billion, supported by strong demand from both institutional and retail investors.
PNB raised ₱10.88 billion from its PHP Fixed Rate Series A ASEAN Sustainability Bonds due 2028, which carry an interest rate of 5.4877 percent per annum. The PHP Fixed Rate Series B ASEAN Sustainability Bonds due 2030 secured ₱4.82 billion at an interest rate of 5.7764 percent per annum.
The net proceeds will be used to finance or refinance eligible projects under PNB’s Sustainable Financing Framework, consistent with the ASEAN Sustainability Bonds Standards. This move reflects PNB’s commitment to sustainable financing alongside the bank’s ongoing growth initiatives.
The bonds were listed on the Philippine Dealing & Exchange Corp. on Dec. 11, 2025, following the offering period from Nov. 26 to Dec. 2, 2025.
PNB Capital and Investment Corp., ING Bank N.V., Manila Branch, and Standard Chartered Bank served as the Joint Lead Arrangers and Bookrunners for the issuance. PNB, ING, and SCB also acted as Selling Agents.
“This bond issuance reflects PNB’s commitment to responsible banking and sustainable growth,” said PNB President and CEO Edwin Bautista. “By channeling funds toward eligible green and social projects under our Sustainability Financing Framework, we aim to create long-term value for our stakeholders while contributing to the country’s sustainable development goals.”
Bautista added, “This offering also underscores our confidence in the market and our readiness to support the evolving needs of our customers and communities.”

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Philippine National Bank Edwin Bautista
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