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THE
Development Bank of the Philippines (DBP) has started
offering up to P7.65 billion worth of unsecured
subordinated notes to strengthen its capital base and
boost its lending program.
The
offer period started Tuesday and would run until August
27.
The
yield is based on the five-year Treasury bond rate. The
notes will be issued on September 1, 2008, and mature on
September 2018.
The
benchmark five-year T-bond rate is 8.02 percent.
The
notes have an optional redemption until September 2013.
Unredeemed, a step-up interest rate will be paid toward
maturity rate.
The
notes are sold in minimum batches worth P500,000.
Tapped
as joint lead arrangers and selling agents for the issue
are Deutsche Bank, First Metro Investment Corp. and
Hongkong and Shanghai Banking Corp.
Other
selling agents are the DBP, Land Bank of the Philippines
and Multinational Investment Corp. |
