MANILA -- The Metropolitan Bank & Trust Company (Metrobank) on Thursday announced that its Board of Directors has approved the issuance of up to PHP25 billion worth of 5.5-10-year Long Term Negotiable Certificates of Time Deposits (LTNCD).
In a disclosure with the Philippine Stock Exchange (PSE), the Ty family-led bank said the issuance may be through one or more tranches of at least PHP2 billion per tranche.
Issuance also depends on “regulatory approval and market conditions.” The LTNCDs will be listed with the Philippine Dealing and Exchange (PDEx), it said.
Issuance also depends on “regulatory approval and market conditions.” The LTNCDs will be listed with the Philippine Dealing and Exchange (PDEx), it said.
The disclosure added that the bank’s Board has also authorized “the President to singly or the Head of Financial and Control Sector and Head of Financials Markets sector, to jointly appoint the arranger/s and required third parties for the issue, with authority to approve the pertinent details, including the timing of the launch, issue size, tenor, interest rate and denomination,” it added.
LTNCDs are higher-yielding products with long tenors compared to regular savings accounts. (PNA)
LTNCDs are higher-yielding products with long tenors compared to regular savings accounts. (PNA)
