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China Bank lists P10.25B LTNCDs

Thursday, July 12, 2018


From left: PDEx Corp. President and COO Antonino A. Nakpil, HSBC Philippines CEO Jose Arnulfo A. Veloso, China Bank CFO Patrick D. Cheng, China Bank COO Romeo D. Uyan, Jr., PDS Group President Cesar B. Crisol, and Philippine Depository & Trust Corp. President and COO Ma. Theresa B. Ravalo.

China Banking Corporation (China Bank) successfully raised Php10.25 billion through a public offering of peso-denominated Long Term Negotiable Certificates of Time Deposits (LTNCD), the first tranche of its planned P20 billion LTNCD offering. 

Two times oversubscribed, the Bank upsized the offer from initial size of P5 billion to P10.25 billion, with an interest rate of 4.55% per annum.  This is the largest LTNCD issuance in the banking industry so far in 2018.  This is also the largest tranche of LTNCD done in China Bank’s history.  Proceeds of the fund raising activity will be used to support China Bank’s strategic initiatives and expansion programs.

China Bank Chief Operating Officer Romeo D. Uyan Jr. and Chief Finance Officer Patrick D. Cheng today led the ringing of the bell to herald the listing and start of trading of China Bank LTNCD due 2024 on the Philippine Dealing and Exchange Corp. (PDEx) platform.

“This LTNCD issuance will make long-term funding available for our lending activities and development plans.  We thank our depositors and clients for their strong support, which is a clear recognition of China Bank’s bright prospects ahead,” said Uyan.

This is the Bank’s third LTNCD listing on PDEx, following the P6.34 billion LTNCD issue in 2017 and the P9.59 billion LTNCD issue in 2016.   

For this offering, the Hongkong and Shanghai Banking Corporation (HSBC) Limited was the Sole Arranger and acted as Selling Agent, together with China Bank and China Bank Capital Corporation.

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