Metrobank pioneers listing of Long-Term Negotiable Certificates of Time Deposits on the newly reopened PDEx platformPosted on: November 25, 2014
21 November 2014, Makati City, Philippines – The local debt market celebrated a landmark transaction: the hosting of the first LTNCD to be issued and listed under the new guidelines of the Bangko Sentral ng Pilipinas in the organized market of the Philippine Dealing & Exchange Corp.
Today, Metrobank Group’s total listed amount stands at PhP 14.25 Billion issued in two tranches: the PhP 8 Billion MBT LTNCDs due 2020 and the PhP 6.25 Billion MBT LTNCDs due 2021. The first issuance was more than two times oversubscribed, prompting Metrobank to end the offer period ahead of the original closing date. Given the overwhelming response for the 5.5-year LTNCTD, Metrobank had a second round of fund-raising with a 7-year maturity to satisfy unmet client demand.
This sixteenth listing for the year, the PhP 8.0 Billion MBT LTNCDs due 2020 and PhP 6.25 Billion MBT LTNCDs due 2021, bring the year-to-date total of new listings to PhP 175.75 Billion and the total level of tradable corporate debt instruments to P454.21 Billion issued by 30 companies.
PDS Group President & CEO said, “We welcome you (Metrobank) back and we are assured that investors of your LTNCDs are indeed in “ ‘good hands’ ”, adding “Your confidence in this infrastructure and your dedication to your investor base is heartening for us who consider the nurturing of our public markets to be at the forefront of our work.”
Metrobank President Fabian S. Dee said, “We would like to acknowledge the BSP’s proactive efforts to provide greater flexibility for issuers to access the LTNCD market while ensuring investor protection in the process. Through this issuance we believe we have been able to contribute to the development of the local capital market. The listing provides a more transparent and investor-friendly environment for the secondary trading.”
Also in attendance were Bangko Sentral ng Pilipinas Central Point of Contact Department I Officer-in-Charge Annaliza Tan-Cimafranca, Metrobank Senior Executive Vice President Fernand Tansingco, and representatives from the Joint Lead Arrangers, namely, The Hong Kong and Shanghai Banking Corporation Limited President Wick Veloso and ING Bank N.V., Manila Branch Managing Director Johnson Sia, as well as First Metro Investment Corporation Senior Vice President Reynaldo Montalbo, and Multinational Investment Bancorporation President Marilou Cristobal. #