Philippine National Bank announced that it is set to issue USD 300 million in Fixed Rate Senior Notes ("Notes") under the Bank's Medium Term Note Programme. This is the debut drawdown under the MTN Programme, and follows a successful roadshow to meet with Singapore and Hong Kong investors from 16 to 18 April 2018. The Notes will be issued at a price of 99.532 per 100 with a coupon rate of 4.25% p.a. and a tenor of 5 years plus 1 day. Proceeds of the Notes will be used for PNB's general corporate purposes. The Notes are rated Baa2 by Moody's, identical to the issuer rating given to PNB. The Notes, in denominations of USD 200,000 and increments of USD 1,000 thereafter, will settle on 26 April 2018 and mature on 27 April 2023. The Notes will be listed on the Singapore Exchange Securities Trading Limited. Demand for the offering was approximately USD 1.2 billion at its peak, equivalent to an oversubscription of 4x the issue amount, with 118 investors registering interest in the offering at that time. In terms of investor breakdown by geography, 86% was allocated to investors in Asia, and 14% to EMEA. In terms of investor breakdown by type, 74% was allocated to Asset /Fund Managers, 12% to Insurance Companies, 9% to Banks and 5% to Private Banks and Others.