Philippine Savings to offer up to PHP 3 billion tier 2 notes due 2022

By Marisa Wong

Madison, Wis., Feb. 3 - Philippine Savings Bank will issue up to PHP 3 billion of subordinated notes due February 2022, according to a letter delivered to the Philippine Stock Exchange. The notes will qualify as tier 2 capital.

Interest is expected to be about 5 7/8%.

The notes will be callable in February 2017.

The offer period will be from Feb. 3 to Feb. 16, and the issue date is expected to be Feb. 24.

ING Bank NV, Manila Branch is the agent. Multinational Investment Bancorp. is a selling agent. Development Bank of the Philippines will be the trustee, and Standard Chartered bank will be the registrar.

Philippine Savings is a Makati City, Philippines-based subsidiary of Metrobank Group.

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