The Market Monitor Minding the Nation's Business
From the initial number of P5 billion, LANDBANK has raised the minimum target for its dual-tenor sustainability bond offering to P30 billion, hoping that buyers and investors are serious in promoting the environment and agricultural growth.
The bonds, called Agriculture, Sustainability, Environment, and Socioeconomic Development (ASENSO) bonds, are peso-denominated and fixed-rate, with tenors of 1.5 and three years.
The public offer period is from Jan. 28 to Feb. 26 through the LANDBANK mobile banking app, and the notes are scheduled for listing on the Philippine Dealing & Exchange Corp. on Feb. 16.
Investors can participate with a minimum investment of P10,000, in increments of P10,000. Interest will be paid quarterly, subject to final withholding tax.
Proceeds will be allocated exclusively to projects with environmental and social impact, including renewable energy, energy efficiency, green buildings, clean transport, sustainable water management, pollution prevention, food security, affordable housing, health, education, access to essential services, employment generation and broader socioeconomic development, the state lender said.
China Bank Capital Corp. serves as the sole issue manager, with LANDBANK and Chinabank Capital acting as selling agents.
The offering marks LANDBANK’s return to the domestic bond market since November 2020, when it raised P5 billion via a two-year ASEAN sustainability bond at an interest rate of 2.5872% per annum.