PSBank to open P2-B bond offer

Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, is set to raise at least P2 billion from the issuance of peso-denominated fixed-rate bonds as part of its ongoing P40-billion bond program.

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In a disclosure to the Philippine Stock Exchange (PSE), the bank said the proposed issuance will have an initial size of P2 billion, with an option to upsize.

This will mark the third tranche under the program, following the P6.3-billion issuance in July 2019 and P4.65-billion issuance in February 2020.

PSBank has mandated First Metro Investment Corp. and ING Bank N.V., Manila Branch as arrangers for the upcoming issuance. The selling agents for the offering are PSBank, First Metro, ING, and Metropolitan Bank & Trust Co. (Metrobank).