BDO offers P5B LTNCDs

BDO Unibank Inc. (BDO) on Monday announced the issuance of P5 billion of long-term negotiable certificates of deposit (LTNCD) to finance its business and expansion plans.

In a regulatory filing, BDO said the offering will run from July 31 to August 11, with the issue date set on August 18, 2017.

"LTNCDs are negotiable certificates of deposit with a designated maturity, and represent a bank’s obligation to pay the face value upon maturity, with periodic coupon or interest payments during the life of the deposit," it said.

"LTNCDs are an attractive investment especially for individuals, as interest income is exempt from withholding taxes if the LTNCDs are held for at least five (5) years," it added.

The 5-and-a-half year LTNCDs has an indicative price of 3.50 to 3.75 percent.

"The final coupon rate will be set prior to or at the end of the offer period," BDO said.

The minimum investment subscription is P100,000 with increments of P50,000.

The bank said the proceeds from the issuance will funds "efforts to diversify the maturity of funding sources and support business expansion plans." — Jon Viktor Cabuenas/VDS, GMA News

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