Philippine National Bank’s (PNB) PHP 3 billion worth of long-term negotiable certificates of time deposit (LTNCDs) has received huge volume of orders, forcing the bank to consider expanding its offer.
PNB said it would continue to receive orders until Dec. 5 and will issue the LTNCDs seven days later.
The bank has also priced the 5.5-year instrument at 4.125%.
The PHP 3 billion issue is the first tranche of the bank’s PHP 10 billion LTNCD program, approved by the Monetary Board of the BSP.
Proceeds will be used for expansion and longer term source of funding.