PHILIPPINE SAVINGS Bank (PSBank) has listed its maiden fixed-rate bonds worth P6.3 billion, with the offer met by robust demand from investors.

In a disclosure on Monday, the thrift lending arm of Metropolitan Bank & Trust Co. (Metrobank) Group said it listed P6.3 billion in two-year peso-denominated bonds at the Philippine Dealing and Exchange Corp.

The amount raised was more than its initial P3-billion program. Due to strong demand, the bank had to cut the offer last July 5 from the original end date of July 17.

The two-year instruments carry a coupon rate of 5.6% per annum to be paid quarterly until 2021.

In a previous statement, PSBank President Jose Vicente L. Alde said they were “overwhelmed by the market reception,” as the fund raising attracted demand from both institutional and retail investors.

“[I]t is a testament of confidence in our business initiatives, which we hope will continue to take the bank to a higher level of growth and share of market,” Mr. Alde said in the statement on Monday.

PSBank’s bond listing brought the year-to-date total of new listings on PDEx to P234.14 billion.

Standard Chartered was tapped to be the sole arranger of the transaction. It also served as a selling agent alongside PSBank, Metrobank and First Metro Investment Corp.

Prior to this bond listing, the bank raised P8 billion via a stock rights offer in January, selling 142.9 million common shares priced at P56 apiece.

PSBank also raised P5 billion and P3 billion last year through offers of long-term negotiable certificates of deposit and medium-term fixed rate notes, respectively.

The lender booked a P680.7-million net income in the first quarter, up 10.3% from the same period in 2018, driven by interest income growth and expense management.

PSBank shares shed 30 centavos or 0.51% to close at P59.10 each on Monday. — K.A.N. Vidal