By Marisa Wong
Los Angeles, July 11 – Philippine Savings Bank (PSBank) announced it raised PHP 6.3 billion from an offering of 5.6% two-year bonds.
PSBank decided to cut short the offer period for its maiden peso-denominated fixed-rate bond issuance to July 5 from July 17 due to strong demand from institutional and retail investors, according to a press release.
The bank initially planned to issue PHP 3 billion of the bonds.
“In just five days, the total orderbook was four times oversubscribed allowing us to significantly upsize the transaction,” PSBank president Jose Vicente L. Alde said in the release.
Standard Chartered Bank acted as arranger and selling agent. Metrobank and First Metro Investment Corp. also acted as selling agents.
This is the first tranche under the bank’s PHP 40 billion funding program. The issuer said the issuance allows it to access long-term funding as it expands its consumer banking business.
PSBank is a Makati City, Philippines-based subsidiary of Metrobank Group.
| Issuer: | Philippine Savings Bank
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| Issue: | Bonds
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| Amount: | PHP 6.3 billion
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| Maturity: | Two years
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| Arranger: | Standard Chartered Bank
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| Coupon: | 5.6%
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| Offer period: | July 1-July 5
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| Announcement date: | July 11
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| Listing date: | July 24
|
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