Bank of the Philippine Islands will issue up to 3 billion Philippine pesos of long-term negotiable certificates of time deposits, or LTNCTDs, with an option to upsize the offering.
The 5.5-year LTNCTDs were priced with an interest rate of 4% per year. The offer period is from Oct. 7 to Oct. 18, while the issue and listing date is Oct. 25.
The bank said the issuance will support its expansion plans and diversify its funding sources.
Hongkong and Shanghai Banking Corp. Ltd. is the sole arranger and participating selling agent for the issuance, while BPI Capital Corp. is the sole selling agent.
As of Oct. 10, US$1 was equivalent to 51.59 Philippine pesos.
