PNB issues P5-billion LTNCDs to fund expansion plans

To support its expansion plans, the Philippine National Bank is officially issuing P5-billion worth of long-term negotiable certificates of time deposits (LTNCDs) almost a week after securing  the approval of Bangko Sentral ng Pilipinas.

A disclosure to the Philippine Stock Exchange on Thursday revealed that PNB intends to raise as much as P5-billion worth of LTNCDs, as part of its efforts to fund its business expansion plans and shore up its source of longer term funding. According to PNB, its LTNCDs will have a maturity of five and a half years, and the indicative pricing will be within the 3-percent to 3.25-percent range.