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Philippine Savings Bank raises 5.08B pesos via LTNCTDs

Philippine Savings Bank raised 5.08 billion Philippine pesos via an issuance of long-term negotiable certificates of time deposits, or LTNCTDs.

The amount raised represents an oversubscription of 70% from the bank's initial offer of 3 billion pesos of LTNCTDs.

The five-year and six-month LTNCTDs were priced to yield 5.0% per year.

The offering is part of the lender's plan to raise up to 15 billion pesos through the issuance of LTNCTDs.

As of Aug. 9, US$1 was equivalent to 53.13 Philippine pesos.