Quantcast

PSBank raises P3B via 10-year notes sale

Philippine Savings Bank, a unit of the Metrobank group, has raised P3 billion in fresh funds for expansion through the sale of 10-year debt notes qualifying as tier 2 or supplementary capital.

In a statement, PSBank said its 10-year subordinated notes were priced at 5.75 percent a year, tighter than the original guidance of 5.875 percent due to strong demand.

PSBank closed the offer period for the notes on Friday, a week earlier than target, citing “overwhelming” demand. The book was more than double the offer size, which allowed the bank to price the notes below the initial pricing guidance.

The bank set the issue date for the tier 2 notes due on Feb. 20, 2022.

“Proceeds from the notes will be used to finance PSBank’s asset growth and further strengthen its capital base,” the bank said.

ING Bank NV acted as arranger for the notes. ING Bank NV and Multinational Investment Bancorporation were selling agents while PSBank and First Metro Investment Bancorporation were limited selling agents.

Development Bank of the Philippines and Standard Chartered Bank were named public trustee and registry, and paying agent for the notes, respectively.—Doris C. Dumlao


Follow Us







Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement
Marketplace