PNB eyes another tranche of LTNCD
MANILA, Philippines - Philippine National Bank is planning to raise another tranche of long-term negotiable certificates of time deposit this month.
PNB is looking to use proceeds from the issuance for its business expansion plans, as well as shore up its source of longer term funding.
This comes after PNB successfully issued P5 billion worth of LTNCD) last August 5.
The new tranche of LTNCDs will have a maturity of five and a half years, similar to the issuance last August.
The indicative pricing will be within the 3%-3.25% range. Pricing will be finalized during offer period, from October 9 to 16.
Interest is paid quarterly, and is tax-exempt for qualified individuals if held for at least five years. The minimum denomination of the LTNCDs is P500,000 with increments of P100,000 thereafter.
HSBC acted as sole lead arranger and bookrunner, and as selling agent for the transaction.