A first: PBCOM to issue first tranche of long-term notes
This bank is joining the fundraising craze.
The Philippine Bank of Communications (PBCOM) opened its offering for Long Term Negotiable Certificate of Time Deposits (LTNCD) on Monday, Sept. 17.
The offering will last until Sept. 28, marking the bank’s first attempt in the bank’s almost 80-year history.
“The funds will be used for general corporate funding with an emphasis on long term lending,” the bank told the Philippine Stock Exchange.
The notes come in a 5.5-year tenor with an indicative rate of 5.375 to 5.625 percent. Minimum investment size is P50,000 followed by increments of P10,000, PBCOM added.
The bank got ING Bank N.V. (Manila Branch) and the Development Bank of the Philippines as joint lead arrangers, joint bookrunners, and selling agents for the transaction.