MANILA, Philippines - The Philippine National Bank (PNB) closed the offer period for the P3.25 billion long-term negotiable certificates of time deposit (LTNCDs) last March 24.
Retail investors gobbled up the issue, which was priced at 6.5 percent per annum, representing a six basis points spread over the five-year PDST benchmark rate.
Interest payouts will start June 30, until the LTNCDs mature on March 2014.