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China Bank raises P20B from bond issuance


China Banking Corp. successfully raised P20 billion from its three-year fixed-rate peso bond issuance to finance its expansion moving forward, as its latest issuance was over four times oversubscribed from the original offer of P5 billion.

The latest issuance is the second drawdown under the P45-billion bond and commercial paper program set in September 2020. Due in 2024, the bonds carry an interest rate of 2.50% per annum and payable monthly.

"This successful issuance represents a strong start of the year for China Bank. We would like to extend our gratitude to our investors, customers, and everyone involved in this transaction for their continued trust in us," China Bank president William Whang said in a regulatory filing.

"The strong demand we garnered underscores the investing public's sustained confidence in China Bank amid these challenging times," he elaborated.

China Bank Capital Corp. was tapped as the issue coordinator, structuring advisor, joint lead arranger, and joint bookrunner for the issuance while the Hongkong and Shanghai Banking Corp. Ltd. (HSBC) and the Philippine Commercial Capital Inc. (PCCI) were joint lead arrangers, joint bookrunners, and selling agents for the transaction.

China Bank's main businesses include corporate and SME lending; retail loans such as mortgage and auto loans; treasury and foreign exchange trading; trust and asset management; investment banking and advisory services; wealth management; cash management; and insurance through China Bank Insurance Brokers Inc., and Manulife China Bank Life Assurance Corp.

Shares in the company opened Thursday at P24.05 apiece, unchanged from Wednesday's finish.—AOL, GMA News

Tags: news, chinabank,
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