Philippine Savings Bank (PSBank) is planning to raise up to P15 billion by selling peso-denominated long-term negotiable certificates of time deposits (LTNCD).
In a disclosure to the Philippine Stock Exchange Tuesday, May 22, the thrift banking arm of Ty-led Metropolitan Bank & Trust Co. said its board of directors approved to issue up to P15 billion in LTNCDs in two or more tranches.
The issuance program will be conducted over a one-year period and with a tenor of five-and-a-half years.
The offering will still require approval from the Bangko Sentral ng Pilipinas. Its final terms, including the offer period as well as the interest rate, will depend on market conditions.
“The issuance of LTNCTDs will give PSBank an opportunity to access long-term funding as the Bank further expands its consumer banking business,” PSBank said in the disclosure. — Karl Angelo N. Vidal

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