MANILA -- The Philippine Savings Bank (PSBank) on Tuesday began offering its Long-Term Negotiable Certificates of Time Deposits (LTNCTD), with a tenor of five years and six months.
In a disclosure with the Philippine Stock Exchange (PSE), the thrift banking arm of the Metrobank Group said the offer period for the LTNCTD, which carries an annual interest rate of 5 percent, will be until August 2, 2018.
Set to be issued on August 9, 2018, the investment product has an issue size of PHP3 billion but the disclosure said the issuance has an “option to upsize”.
Minimum placement is PHP50,000, which is also the amount for additional investments.
Payment of interest will be done on a quarterly basis, the disclosure indicated.
PSBank tapped ING Bank and Standard Chartered as joint lead arrangers and bookrunners while selling agents are PSBank, Metrobank, and First Metro Investment Corporation (FMIC).
LTNCTDs are investment products with longer tenors relative to regular time deposits being offered by banks.
They are insured by the Philippine Deposit Insurance Corporation (PDIC) and are listed with the Philippine Dealing Exchange (PDEx) with earnings that are tax-exempt if held for more than five years. (PNA)
