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China Bank raises 10.25 billion pesos from the sale of LTNCD
MANILA (Philippines) – China Banking Corp. announced Thursday it successfully raised 10.25 billion pesos through a long-term term deposit certificate (LTNCD) public offering, which will be used to support the bank's business expansion programs. 19659004] In a statement to the stock market, the Sy-lender said the offer denominated in peso, which has a rate of interest of 4.55% per annum, has been revised from the size initial amount of P5.5 billion.
This was the first tranche of the bank's planned sale of 20 billion LTNCD and the largest in the banking sector up to now in 2018. The notes will mature in 2024.
LTNCDs are debt notes offered by investors to raise capital. These have higher interest rates like regular term deposits and can be sold in the secondary market even before the due date.
"This LTNCD issue will provide long-term financing for our lending activities and development plans." Uyan Jr.
"We thank our depositors and clients for their strong support, which is a clear recognition of the bright prospects of the upcoming Bank of China," said Uyan
for this offer, Hong Kong and Shanghai Banking Corporation Limited. was the only arranger and acted as sales agent, with China Bank and China Bank Capital Corporation
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