The thrift lending arm of Metropolitan Bank and Trust Co said it has
ended the offer period for its Tier 2 notes two days early on the back
of "overwhelming" demand from investors.
In a disclosure to the Philippine Stock Exchange, Philippine Savings Bank said it has decided to advance the end of the offer period to May 14, 2014 from the original May 16, 2014.
Launched on May 9, the Basel III-complliant unsecured subordinated notes were priced at 5.5 percent per annum, which would be issued on May 23. The notes were issued a rating of PRS Aaa by Philratings.
Proceeds of the IOU sale would be used to strengthen PS Bank's capital base and allow it to expand its operations, the lender told the bourse.
ING Bank served as arranger and selling agent for this transaction while Multinational Investment Bancorporation acted as selling agent and market maker. PSBank and First Metro Investment Corp were the limited selling agents, Philppine Depository and Trust Corp served as registrar and paying agent while Development Bank of the Philippines was the trustee.
PSBank has kept its non-performing loan (NPL) ratio low at 0.24 percent while its NPL coverage ratio is in excess of 100 percent. It is also more than adequately capitalized, with a capital adequacy ratio (CAR) of 16.3 percent as of end-March 2014, well above the regulatory minimum of 10 percent.
In a disclosure to the Philippine Stock Exchange, Philippine Savings Bank said it has decided to advance the end of the offer period to May 14, 2014 from the original May 16, 2014.
Launched on May 9, the Basel III-complliant unsecured subordinated notes were priced at 5.5 percent per annum, which would be issued on May 23. The notes were issued a rating of PRS Aaa by Philratings.
Proceeds of the IOU sale would be used to strengthen PS Bank's capital base and allow it to expand its operations, the lender told the bourse.
ING Bank served as arranger and selling agent for this transaction while Multinational Investment Bancorporation acted as selling agent and market maker. PSBank and First Metro Investment Corp were the limited selling agents, Philppine Depository and Trust Corp served as registrar and paying agent while Development Bank of the Philippines was the trustee.
PSBank has kept its non-performing loan (NPL) ratio low at 0.24 percent while its NPL coverage ratio is in excess of 100 percent. It is also more than adequately capitalized, with a capital adequacy ratio (CAR) of 16.3 percent as of end-March 2014, well above the regulatory minimum of 10 percent.
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