BDO Unibank Inc. upsized its long-term negotiable certificates of deposit, or LTNCD, offering to 11.8 billion Philippine pesos from 5 billion pesos after it was oversubscribed.

The 5.5-year LTNCDs were priced with an interest rate of 3.625% per year. The offering was oversubscribed due to strong demand from retail and institutional investors, resulting in the offered amount being upsized by almost 2.5x.

As the offering was oversubscribed, the bank shortened the offer period by one day to Aug. 10. The LTNCDs will be issued Aug. 18.

The Manila branches of Deutsche Bank AG and ING Bank NV are joint lead arrangers and selling agents for the issuance, while BDO Unibank and BDO Private Bank are also selling agents.

As of Aug. 10, US$1 was equivalent to 50.89 Philippine pesos.