Local banking giant China Banking Corporation listed P10.25 billion worth of long-term negotiable certificates of time deposits (LTNCD) through a public offering as part of its initiative to raise funds for further expansion.
The offering was China Bank’s first slice of its planned P20 billion fundraising through LTNCD and their third long-term negotiable certificates listing on the Philippine Dealing and Exchange Corporation, Inc. (PDEx) platform following the P6.34 billion listed in 2017 and P9.59 billion in 2016.
The offer doubled up from its initial size of P5 billion after investors’ interest resulted to oversubscription by 200 percent. The latest listing has an interest rate of 4.55 percent per annum, and will mature in 2024.
“This LTNCD issuance will make a long-term funding available for our lending activities amd development plans,” said China Bank’s COO Romeo Uyan, Jr. “We thank our depositors and clients for their strong support, which is a clear recognition of China Bank’s bright prospects ahead.”
Proceeds from the activity will be used for strategic initiatives and planned expansion of the bank branches, which numbered to 596 including 160 from its subsidiary, the China Bank Savings, Inc.
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International banking firm Hong Kong and Shanghai Banking Corporation, Ltd. (HSBC) was tapped as the sole arranger. It will also act as the selling agent along with China Bank and its subsidiary, China Bank Capital Corporation.
The LTNCD issuance was the largest in the banking history in 2018, as well as China Bank’s largest tranche on record.
