P20-B LTNCD program approved by BSP CHINA Banking Corp., a banking affiliate of the SM Group, is issuing an initial P5 billion in long-term negotiable certificates of time deposits (LTNCDs) out of its P20-billion LTNCD program to fund its strategic initiatives and business growth in the next few years. In a disclosure to the Philippine Stock Exchange on Monday, China Bank said it is issuing the first tranche of P5-billion LTNCDs from November 7 to November 11. The notes offer a yield of 3.25 percent annually, payable quarterly. The minimum investment size is set at P50,000 with increments of P50,000 thereafter. China Bank said the Bangko Sentral ng Pilipinas (BSP) has approved its capital raising activity, which will enable it to issue multiple tranches of LTNCDs with tenors ranging between five and 10 years. Australia and New Zealand Banking Group Ltd (ANZ), The Hongkong and Shanghai Banking Corp. Ltd. China Bank, China Bank Capital Corp., and Multinational Investment Bancorporation (MIB) will also serve as selling agents for the offering. The notes will be listed on the Philippine Dealing and Exchange Corp. (PDEX). China Bank said the LTNCDs are expected to expand the bank’s long-term deposit base and boost its long-term… Read full this story
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