Phoenix Petroleum’s issuance of Php10 Billion Short-Term Commercial Papers with Philippine National Bank (PNB) Capital and Investment Corp. has won the Best Debt Deal of the Year at the Asian Banking and Finance Awards 2019 in Singapore.
The commercial papers—the biggest issuance of Phoenix Petroleum yet—was a landmark transaction as it became the first commercial papers issuance under the new rule of the Securities Regulation Code Implementing Rules and Regulations.
The transaction also received overwhelming bids in its initial series, demonstrating Phoenix’s strong investor confidence.
“We are extremely proud to be recognized by the Asian Banking and Finance Awards. As a publicly-listed company, a prestigious finance award like this only proved our strong financial performance and capability. We would also like to thank PNB Capital and Investment Corp. for the trust. This recognition gave us confidence to continue growing our business and expand our network further,” Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon said.
PNB Capital and Investment Corp. served as the sole issue manager for the commercial papers program and lead underwriter and sole bookrunner for the initial series.
The Asian Banking and Finance Awards is an annual awards program that honors banks with outstanding retail and wholesale banking innovations and outstanding corporate and investment banking deals and achievements.
Phoenix Petroleum and PNB’s debt deal became the second recipient of the Best Debt Deal of the Year award since the category’s inclusion in the program in 2018. Present during the awarding ceremony at Shangri-La Hotel Singapore on July 18, 2019 were Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon, Phoenix Petroleum Assistant Vice President for Treasury Reynaldo Phala, PNB Capital and Investment Corporation President and CEO Gerry Valenciano, and PNB Capital and Investment Corporation Deal Officer Otto S. Schulte.