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Philippine Bank of Communications raises 2.90B pesos via LTNCDs

Philippine Bank of Communications raised 2.90 billion pesos via an offering of long-term negotiable certificates of deposit, or LTNCDs, BusinessWorld reported Oct. 9.

The 5.5-year LTNCDs were priced with an interest rate of 5.625% to be paid quarterly.

Proceeds from the issuance will be used to support the bank's long-term lending business, said Patricia Siy, the lender's president and CEO.

The offering marked the first tranche of the bank's 5 billion peso LTNCD program, which was approved by the Philippines' central bank in July.

ING Bank NV's Manila branch and Development Bank of the Philippines served as joint lead arrangers and book runners for the offering.

As of Oct. 8, US$1 was equivalent to 54.12 Philippine pesos.