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Philippines’ China Bank plans PHP 20 billion long-term negotiable CDs
By Marisa Wong
Morgantown, W.Va., Aug. 30 – China Banking Corp. (China Bank) plans to issue up to PHP 20 billion of long-term negotiable certificates of time deposits to support its strategic initiatives and business expansion, according to a company news release.
China Bank will issue the negotiable CDs in tranches of PHP 5 billion to PHP 10 billion each with maturities ranging from five to seven years.
China Bank’s previous long-term negotiable CD issue was in 2008. The maiden issue, totaling PHP 5 billion, was oversubscribed only two days into its offering period.
The bank is based in Makati City, Philippines.
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