Metrobank offers long-term deposits at 3.5% pa | Inquirer Business

Metrobank offers long-term deposits at 3.5% pa

By: - Business Features Editor / @philbizwatcher
/ 11:12 AM August 30, 2016

TY family-led Metropolitan Bank and Trust Co. (Metrobank) launched on Tuesday a new offering of high-yielding long-term deposits worth at least P5 billion, aiming to lock in long-term funding and take advantage of ample liquidity and low interest rates.

In a disclosure to the Philippine Stock Exchange, Metrobank said it was offering these long-term negotiable certificates of deposits (LTNCDs) with a tenor of seven years at an annual interest rate of 3.5 percent.

The offering will run until Sept. 12 this year. Metrobank is reserving the right to upsize the offering.

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The LTNCDs will be issued in minimum denominations of P50,000 and increments of P50,000 thereafter.

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The bank has mandated ING Bank as the sole arranger, book runner and selling agent while Metrobank itself will also act as a selling agent.

LTNCDs are negotiable certificates of time deposits and are tax exempt for qualified individuals if held for at least five years. These are bank products with long tenors which are offered to investors looking for a higher interest rate compared to regular savings accounts or shorter-term deposits. These instruments are insured by the Philippine Deposit Insurance Corp. (PDIC) up to a maximum coverage per depositor, currently at P500,000.

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TAGS: ING Bank, Long Term Negotiable Certificate of Deposit, LTNCD, MBT, Metrobank

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