Connect with us

Hi, what are you looking for?

Economy

China Bank raises P20 billion from three-year bonds

CHINA BANKING Corp. (China Bank) raised P20 billion from its issuance of three-year bonds to be used for its expansion programs and other strategic initiatives.

The issued volume was four times its original offer of P5 billion, the lender said in a statement on Thursday.

“This successful issuance represents a strong start of the year for China Bank. The strong demand we garnered underscores the investing public’s sustained confidence in China Bank amid these challenging times,” China Bank President William C. Whang was quoted as saying.

The papers carry a coupon rate of 2.5% per annum to be paid monthly and are set to mature in 2024.

“The proceeds from the offer will be used to support China Bank’s strategic initiatives and expansion programs,” the lender said.

China Bank Capital Corp. served as the issue coordinator, structuring advisor, joint lead arranger and joint bookrunner for the transaction.

Meanwhile, the Hongkong and Shanghai Banking Corp. and Philippine Commercial Capital, Inc. were joint lead arrangers, joint bookrunners, and selling agents for the bond sale.

This issuance was the second from the bank’s P45-billion bond program established in 2020. China Bank in October raised P15 billion via an offer of two-year bonds.

China Bank’s net earnings increased 21% to P3 billion in the third quarter of 2020 from P2.5 billion in the same period in 2019, supported by the growth of its core businesses.

This brought the bank’s nine-month net profit to P8.2 billion, higher by 6.7% from P6.9 billion in the comparable 2019 period.

China Bank shares rose by five centavos or by 0.21% to close at P24.10 apiece on Thursday. — L.W.T. Noble

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

HANOI — Vietnam is considering building a high-speed railway that runs along the country’s length with a possible price tag of up to $58.7...

Economy

SHANGHAI — China’s financial hub Shanghai said on Sunday it will reopen all primary, middle and high schools, kindergartens and nurseries on Sept. 1...

Economy

SEOUL — North Korea’s foreign ministry on Sunday criticized the United Nations (U.N.)Secretary-General’s recent comment on his support for the North’s complete denuclearization, calling...

Economy

The modern man, shaped with great influence of technology and social media, is often portrayed as a victim of choice paralysis from the onslaught...

Investing

You might not be able to choose your family, but you can Pick n’ Mix the best media personalities to associate your image with...

Economy

Super Typhoon Odette (Rai) struck the Philippines in December 2021. Due to the torrential rains, violent winds, landslides, and storm surges, utility infrastructure was...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.