PSBank to sell P3B worth of Basel III-compliant Tier 2 Notes 

Philippine Savings Bank (PSBank) is offering up to P3 billion worth of Tier 2 Notes, the bank said Friday, noting it is now obtaining regulatory approval for the issuance. 

 

"PSBank has been given the issuer rating of PRS Aaa by Philippine Ratings Corporation (Philratings). It also obtained a separate issue rating of PRS Aaa for its Tier 2 Notes from Philratings," the bank said in an e-mailed statement.

 

The offer period runs from 09 May 2014 to 16 May 2014, and the Tier 2 Notes will have a maturity of 10.25 years, with a call option after 5.25 years. 

 

The bank will use the proceeds from the Tier 2 Notes to strengthen its s capital base and expand its banking operations. 

 

PSBank hired ING Bank as arranger and selling agent, Multinational Investment Bancorporation as selling agent and market maker, First Metro Investment Corporation as limited selling agent, Philippine Depository and Trust Corporation as registrar and paying agent, and Development Bank of the Philippines as trustee.

 

The bank said it also involved in the transaction as limited selling agent.

 

A member of the Metrobank Group, PSBank is registered P17.6 billion in capital and P3.2 billion in net income in the third quarter of 2013. – VS, GMA News