Bank of Commerce gets BSP nod for P10-B LTNCD issue | Inquirer Business

Bank of Commerce gets BSP nod for P10-B LTNCD issue

By: - Reporter / @daxinq
/ 04:04 AM December 24, 2019

The central bank has given the green light for the banking unit of the country’s largest conglomerate to raise as much as P10 billion in funds through the issuance of debt instruments.

In a statement, Bank of Commerce—an affiliate of San Miguel Corp.—aid it would issue in multiple tranches long-term negotiable certificates of time deposit (LTNCD) next year “to diversify funding sources and support its expansion plans.”


“The first tranche is set on the first quarter of next year,” the bank said.

In a recent meeting, the Monetary Board of the Bangko Sentral ng Pilipinas granted the request of Bank of Commerce for authority to issue the debt instrument in several tranches over a one-year period.Standard Chartered Bank and Philippine Commercial Capital Inc. are the transaction’s joint lead arrangers while Standard Chartered Bank, along with Bank of Commerce, will be the selling agents.


These instruments are bank deposit products denominated in pesos with a minimum maturity of five years. Individual investors who hold on to these debt securities for at least five years will enjoy tax-free interest earnings. Similar to a time deposit, long-term negotiable certificates of time deposit offer higher interest rates. INQ

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Bank Of Commerce, BSP, Business
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2021 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.