Philippines's Banco de Oro to issue CDs up to 2.9 billion pesos

By Reshmi Basu

New York, Oct. 26 - Banco de Oro Universal Bank said it received approval from the Philippines' central bank to issue up to 2.9 billion pesos of long-term negotiable certificates of deposit.

The minimum size of the deal is 1.5 billion pesos and the maximum size is 2.9 billion pesos.

The issuer intends to issue the paper on Nov. 17 or Nov. 18, with the fixed interest rate to be predetermined.

This will be the second tranche offered this year under the issuer's 5 billion peso program. On June 1, Banco de Oro issued 2.1 billion pesos.

Banco de Oro is located in Mandaluyong City, Philippines.

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