By James A. Loyola
Metropolitan Bank & Trust Company is planning to issue peso-denominated Long-Term Negotiable Certificates of Deposit worth up to P25 billion in one or more tranches of at least P2 billion per tranche.
In a disclosure to the Philippine Stock Exchange, the bank said the planned issuance has been approved by its Board of Directors.
The LTNCDs will have tenors of 5.5 up to 10 years, subject to regulatory approval and market conditions.
Earlier this month, Metrobank also announced a plan to issue a Peso Bond, worth at least P5 billion, which will be the fourth tranche under its P100-billion Bond and Commercial Paper Program.
Metrobank said it has mandated ING Bank N.V., Manila Branch and Standard Chartered Bank (SCB) as Joint Lead Arrangers for this planned issuance. This fourth tranche will have a tenor of at least three and a half years to be priced using the applicable interpolated PHP BVAL Reference Rate benchmark.
The Bank said that, while it is looking to raise at least P5 billion, it also has the option to upsize. The final issue size, terms, and timing of the issuance will be subject to market conditions.
Metrobank has raised a total of P56.75 billion from offerings of Peso bonds since November 2018.