UCPB lists P3.15-billion LTNCDs

MANILA, Philippines - United Coconut Planters Bank (UCPB) listed last Nov. 11 its P3.150- billion Series 2 long-term negotiable certificates of time deposit due 2016 (UCPB Series 2 LTNCDs) on the Philippine Dealing and Exchange Corp. (PDEx), bringing the total level of outstanding tradable corporate debt instruments to P194.97 billion issued by 15 companies.

This was the second time for UCPB to list in the PDEx fixed-income bourse. It made its debut last Feb. 3 when it listed the P4.52 billion worth of LTNCDs raised in November last year. On Aug. 19, 2011, UCPB issued its P3.150-billion LTNCDs with a six-percent coupon rate maturing on 2016.

Under Circular 304, Series of 2011 of the Bangko Sentral ng Pilipinas, LTNCDs are insured with the Philippine Deposit Insurance Corp. for up to the maximum insurance coverage set out in, and subject to PDIC’s applicable rules and regulations. LTNCDs are likewise subject to statutory regular reserves of two percent and liquidity reserves of zero percent.

At present, UCPB provides a wide range of corporate, commercial and retail banking services and is a leading provider of financial products and services to corporations, middle market companies, small and medium-sized businesses and consumers in the Philippines. UCPB is licensed to provide expanded commercial banking services such as deposit products, loans and trade finance, domestic and foreign fund transfers, treasury, foreign exchange, investment banking and trust services. The bank is also licensed to enter into regular financial derivatives.

The event was held at the PDS group office in the Enterprise Center, Makti City and was graced by BSP officials represented by the supervision and examination, sub-sector 3 managing director Lenny Silvestre and central point of contact department director Judith Sungsai and UCPB president and CEO Ramon Sy.

Also gracing the occasion were the issue’s arranger, Citicorp Capital Philippines Inc.; selling agent and market maker, Philippine Commercial Capital Inc.; selling agents, United Coconut Planters Bank, Citicorp Financial Services and Insurance Brokerage Philippines Inc., Multinational Investment Bancorporation, Rizal Commercial Banking Corp.; Broker Specialists, Metropolitan Bank & Trust Co., Multinational Investment Bancorporation, Philippine Commercial Capital Inc., and Rizal Commercial Banking Corp.

PDEx chairman and CEO Vicente B. Castillo said in his welcome remarks: “We applaud UCPB for its solid momentum for continuous growth and for successfully turning around its financial condition in the last two years. We also commend the bank for its prudence in continuing to access the capital markets to raise efficient long-term deposits in order to properly match its consumer and wholesale customers funding requirements, thereby managing its interest rate and liquidity exposure; a strategy that we hope the Bank will continue to pursue.”