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Philippine Savings Bank raises 3.38B pesos from LTNCTD issuance

Philippine Savings Bank raised 3.38 billion pesos from its issuance of long-term negotiable certificates of time deposits, or LTNCTDs.

The bank said Jan. 30 that proceeds of the LTNCTD sale will be used for business expansion and to diversify its funding sources.

The instruments are due April 2022.

Metropolitan Bank & Trust Co., First Metro Investment Corp. and ING Bank served as selling agents, while ING Bank also served as the bank's arranger for the sale.

As of Jan. 30, US$1 was equivalent to 49.72 Philippine pesos.