MANILA - Metropolitan Bank & Trust Co. on Friday said it cut short the offer period for its seven-year long-term negotiable certificates of time deposits (LTNCD) due to strong demand.

The offering is supposed to end on September 12, but it will be closed a week earlier on Monday, September 5, due to oversubscription.

"Metrobank is moving the close of the offer period to Monday. Despite the early close, the issue and listing date remain unchanged at Sept. 19," the bank said in a disclosure to the stock exchange.

The issue size of the offer was P5 billion with an upsize option. The debt paper provides an interest rate of 3.5 percent per annum payable quarterly.

The bank's board of directors approved the issuance of up to P20 billion in LTNCDs in June as it looks to raise funds from a cash-rich financial system.

The offering was launched on August 30.

Metrobank shares were down 0.11 percent to P87.30 on Friday.