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Philippine National Bank to raise 2B pesos in LTNCDs

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Philippine National Bank to raise 2B pesos in LTNCDs

Philippine National Bank plans to raise 2 billion pesos through the issuance of long-term negotiable certificates of time deposit, or LTNCDs.

The 5.5-year LTNCDs will carry an interest rate of between 4.250% and 4.375% and will be offered from Sept. 27 to Oct. 4, the bank said. The certificates are due 2025.

The bank has an option to upsize the offer.

Hongkong and Shanghai Banking Corp. Ltd. is acting as the sole lead arranger for the issuance.

As of Sept. 27, US$1 was equivalent to 51.81 Philippine pesos.