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Philippine Savings Bank to raise 10B pesos in LTNCTDs issue

PhilippineSavings Bank plans to raise 10 billion pesos through an issuance oflong-term negotiable certificates of time deposits, or LTNCTDs.

The LTNCTDs will be issued in one or more tranches over aperiod of one year, the bank said in a Sept. 26 disclosure. Final terms of theissuance, including offering period and interest rates, will depend on marketconditions.

The issuance is subject to approval of the Bangko Sentral ngPilipinas.

As of Sept. 23, US$1 wasequivalent to 48.08 Philippine pesos.