Philippine Savings Bank ups size of subordinated bond issuance to 2.5 billion pesos

By Reshmi Basu

New York, Jan. 17 - Manila-based Philippine Savings Bank said it has received approval from its board of directors to increase the size of its offering of lower tier II unsecured subordinated debt to 2.5 billion pesos from 2 billion pesos.

The bank has applied for approval from the Central Bank of the Philippines.

The offering will have a 10-year maturity and be non-callable for five years.

The bank previously announced it will roadshow the deal during January in metro Manila, Cebu and Davao, all in the Philippines.

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