Philippine Savings Bank (PSBank) announced the early closure of its bond offering, garnering subscription of around P4.65 billion.
The bond issue has exceeded the original target of P3 billion, which prompted the bank to cut the offer period which was supposed to run until Jan.21.
The 3-year peso fixed rate bonds, which were priced at 4.5% per annum, were almost 2 times oversubscribed.
Interest payments will be paid on a quarterly basis.
The second tranche bond offering is part of the bank’s P40 billion funding program as it further expands its consumer banking business.
PSBank is the thrift banking arm of the Metrobank Group.