MANILA - Citibank plans to sell $10 million worth of asset-backed securities within the next 15 months, following the success of its initial issue last May, a bank official said.

Of that amount, $3.3 million will be issued before the end o the year, Citibank vice president Dante Santos said. The terms o the issue were not disclosed.

He told reporters that the first asset-backed issue, which involved $1.4 million of the bank's mortgage-backed loans, was received favorably by the local market.

Though a well-developed investment instrument in other financial capitals, asset-backed securities are a novel scheme in the Philippines.

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