Philippine Bank of Communications talks 5½-year negotiable CDs at 5 3/8%-5 5/8%

By Marisa Wong

Morgantown, W.Va., Sept. 18 – Philippine Bank of Communications launched an offering of long-term negotiable certificates of time deposit on Monday, according to a 17-C filing with the Philippine Securities and Exchange Commission.

The 5½-year negotiable CDs will be priced at 5 3/8% to 5 5/8%.

ING Bank NV (Manila Branch) and the Development Bank of the Philippines are joint lead arrangers, joint bookrunners and selling agents.

The offer period will run until Sept. 28.

Proceeds will be used for general corporate funding with an emphasis on long-term lending.

PBCOM is a commercial bank based in Makati City, Philippines.

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