Rizal Commercial Banking Corp., the 10th-largest lender in terms of assets, started offering on Monday the first tranche of the long-term negotiable certificates of time deposits earlier approved by the Bangko Sentral ng Pilipinas.
“This is to inform the exchange that Rizal Commercial Banking Corp. is offering its first tranche of Long-Term Negotiable Certificates of Time Deposit (LTNCDs) due 2024 out of the P20 billion approval granted by the Monetary Board of the Bangko Sentral ng Pilipinas last July 12, 2018,” the bank told the stock exchange.
The bank did not say the amount of the first tranche of LTNCD offering.
It set the offering period for the first tranche of the LTNCDs from Sept. 10 to 21, 2018, with the issue and listing date possibly on Sept. 28, 2018.
The LTNCDs will have a tenor of five years and six months.
LTNCDs are bank products with long tenors which are offered to investors looking for a higher interest rate compared to regular savings accounts or shorter-term deposits.