Lender Security Bank Corp. has rolled out a new offering of high-yielding deposits, seeking to raise at least P5 billion to better manage liabilities while expanding its funding and investor base.
The long-term negotiable certificates of deposits (LTNCDs) will have a tenor of five years and six months.
They are being pitched to investors at an indicative rate of 3.875 percent a year, the bank said in a press statement.
The base offer of P5 billion can be upsized, depending on the demand for the offering, which will run until Oct. 30.
BUSINESS
BUSINESS
BUSINESS
To drum up interest in the offering, the bank is conducting a multicity roadshow covering Pampanga, Davao and Cebu.
LTNCDs are negotiable certificates of time deposits and are tax exempt for qualified individuals if held for at least five years. The LTNCDs are insured by the Philippine Deposit Insurance Corp. (PDIC) up to a maximum coverage per depositor, currently at P500,000.
