PSBank to offer Basel III-compliant Tier 2 Notes


Philippine Savings Bank (PSBank) is offering up to P3 billion in Tier 2 Notes to the public to strengthen its capital base and to expand its banking operations.

The bank said it has been given the issuer rating of PRS Aaa by Philippine Ratings Corporation (Philratings). It also obtained a separate issuer rating of PRS Aaa for its Tier 2 Notes from Philratings.

The offer period runs from 9 May 2014 to 16 May 2014.

The Tier 2 Notes will have a maturity of 10.25 years, with a call option after 5.25 years. The issuance has a loss absorption provision in compliance with Bangko Sentral ng Pilipinas (BSP) guidelines on regulatory capital.

Proceeds from the Tier 2 Notes will be used to strengthen the bank’s capital base and allow it to expand its banking operations, PSBank said.

Parties to this transaction are ING Bank as arranger and selling agent, Multinational Investment Bancorporation as selling agent and market maker, Philippine Savings Bank and First Metro Investment Corporation as limited selling agents, Philippine Depository and Trust Corporation as registrar and paying agent, and Development Bank of the Philippines as trustee, it added.


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