Ty family-led Metropolitan Bank & Trust Co. is set to raise at least P5 billion from a fresh offering of high-yielding deposit notes, an exercise meant to diversify and lengthen its funding pool.
Metrobank’s new tranche of long-term negotiable certificates of time deposits (LTNCTDs) was priced to yield 5.375 percent a year at a tenor of five years and six months, the bank disclosed to the Philippine Stock Exchange yesterday.
This is part of the LTNCTD program worth P25 billion approved by the Bangko Sentral ng Pilipinas for Metrobank, which plans to issue these in various tranches.
The new tranche will have a minimum size of P5 billion with an option to increase.
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The LTNCTDs will be sold in denominations of P50,000 and in increments of P10,000 thereafter.
The offering is slated for Sept. 17 to 28 this year but Metrobank and the sole arranger and bookrunner reserve the right to adjust the offer period.
