PSBank issues P3B in debt notes | Inquirer Business

PSBank issues P3B in debt notes

/ 10:30 PM February 03, 2012

Philippine Savings Bank, the thrift bank unit of the Metrobank group, launched on Friday the offering of P3 billion in debt notes, which will qualify as tier 2 or supplementary capital.

PSBank’s tier 2 notes—which will have a tenor of 10 years, although the bank has an option to redeem them on the fifth year—are offered at an indicative interest rate of 5.875 percent a year. Interest payment will be made on a quarterly basis.

The offering started yesterday and will run until Feb. 16 unless adjusted, PSBank chief finance officer Perfecto Ramon Dimayuga Jr. disclosed to the Philippine Stock Exchange.

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Target issuance is on Feb 24.

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ING Bank N.V. acts as the arranger and selling agent while Multinational Investment Bancorporation was mandated as market maker and selling agent.

Subscription to the tier 2 offer is open for a minimum denomination of P500,000 with additional denomination of P100,000.

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Taking advantage of ample liquidity in the financial system, PSBank launched this tier 2 offer to boost its cash hoard for expansion, such as for prospective acquisitions.

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PSBank has obtained a triple-A credit rating from local credit watcher Philippine Rating Services Corp. for this offering.

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Obligations rated “PRS Aaa,” the highest rating in PhilRatings’ scale, are deemed of highest quality with minimal credit risk.

In a recent statement, Philrating said the rating reflected PSBank’s strong management team as well as its sound asset quality. Doris C. Dumlao

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TAGS: banks, Business, debt notes, PSBank

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