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Philippines' Security Bank to issue 5B pesos of LTNCDs

Philippines-based Security Bank Corp. will issue 5 billion pesos of long-term negotiable certificates of deposit, with an option to upsize.

The bank said the LTNCDs will have an indicative interest rate of 3.875% and a tenor of five years and six months. The final rate will be determined during the offer period, which runs from Oct. 17 to Oct. 30.

The LTNCDs have minimum denominations of 500,000 pesos, with increments of 100,000 pesos thereafter.

Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank are the joint lead arrangers and book runners as well as the selling agents for the offering. Security Bank and Multinational Investment Bancorp. are also the selling agents for the issue.

The certificates will be listed on the Philippine Dealing and Exchange Corp.

As of Oct. 17, US$1 was equivalent to 51.33 Philippine pesos.