Metrobank issues P5-B LTNCDs

MANILA, Philippines - Metropolitan Bank & Trust Co. (Metrobank) is issuing about P5 billion worth of long-term negotiable certificates of deposits (LTNCDs) at an offer rate of four percent per annum payable quarterly.

In a report to the Philippine Stock Exchange, Metrobank investor relations head Juan Placido T. Mapa III said the offer period runs from Oct 7 to 17.

“However, the bank reserves the right to adjust the timing of the offer period as necessary,” he added.

The LTNCDs will have a tenor of 5.5 years and will mature on April 2020.

The minimum investment amount is P50,000, with additional increments of P50,000.

Hongkong and Shanghai Banking Corp. Ltd. (HSBC) and ING Bank NV have been tapped as joint lead arrangers and selling agents.

First Metro Investment Corp., Multinational Investment Bancorporation (MIB), and Metrobank will also serve as selling agents.

MIB will also act as market maker for secondary trading of the LTNCD “while the instrument is not yet listed on the Philippine Dealing ad Exchange Corp. platform.”

Last July, Metrobank issued P20-billion worth of LTNCDs, which was preceded by the P6.5-billion Basel III-compliant Tier 2 notes.

Metrobank operates the largest domestic bank network of 872 branches and over 1,900 automated teller machines (ATMs) nationwide,  along with 31 foreign branches, subsidiaries and representative offices.