Philippine Savings Bank to offer PHP 3 billion tier 2 notes due 2024

By Marisa Wong

Madison, Wis., May 9 - Philippine Savings Bank (PSBank) said it is set to offer up to PHP 3 billion of tier 2 notes to the public.

The notes will have a maturity of 10¼ years with a call option after 5¼ years.

The offer period is expected to run from May 9 to May 16.

Proceeds from the tier 2 notes will be used to strengthen the bank's capital base and allow it to expand its banking operations.

ING Bank will act as arranger and selling agent with Multinational Investment Bancorp. as selling agent and Market Maker, Philippine Savings Bank and First Metro Investment Corp. as limited selling agents.

Philippine Ratings Corp. has assigned a rating of PRS Aaa to the tier 2 notes.

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

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