{"id":20036,"date":"2024-08-05T03:02:02","date_gmt":"2024-08-05T03:02:02","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/pse-to-submit-formal-pds-buyout-offer-this-week\/"},"modified":"2024-08-05T03:02:02","modified_gmt":"2024-08-05T03:02:02","slug":"pse-to-submit-formal-pds-buyout-offer-this-week","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/pse-to-submit-formal-pds-buyout-offer-this-week\/","title":{"rendered":"PSE to submit formal PDS buyout offer this week"},"content":{"rendered":"
\n

THE BANKERS Association of <\/span>the Philippines (BAP) expects the Philippine Stock Exchange (PSE) to submit this week a formal of<\/span>fer to acquire the Philippine Dealing System Holdings Corp. (PDS Group).<\/p>\n

\u201cI think we\u2019re expecting a formal of<\/span>fer from PSE, so we expect that maybe (this) week, a formal of<\/span>fer.\u00a0 <\/span>Then the board will take it up and study. We don\u2019t know how much or anything,\u201d BAP President Jose Teodoro K. Limcaoco told reporters.<\/p>\n

\u201cWe have an internal valuation as I\u2019m sure they have also, and I\u2019m sure they\u2019ll be far apart. But I\u2019m sure we can come to an agreement. I\u2019m sure price is not an issue or shouldn\u2019t be a stumbling block.\u201d<\/p>\n

The PSE is eyeing the acquisition of up to 100% of the PDS, the operator of the Philippine Dealing & Exchange Corp. (PDEx), which caters to the f<\/span>ixed-income market by providing trading infrastructure.<\/p>\n

The PSE currently has a 20.98% stake of the issued and outstanding capital stock of the PDS Group, while BAP members and institutions have a 21% stake.<\/p>\n

If the sale pushes through, the PDS will be owned by the PSE.<\/p>\n

\u201cYou\u2019ll have the depository owned by the PSE and then PDEx, which is another exchange. Whether that remains a separate bond exchange or whether they fold that bond exchange into a bond and stock exchange, we\u2019ll see,\u201d Mr. Limcaoco said.<\/p>\n

PSE President and Chief Executive Off<\/span>icer Ramon S. Monzon earlier said they are eyeing to f<\/span>inalize the takeover of PDS within the year.<\/p>\n

In 2017, the PSE almost completed its takeover of PDS. However, the Securities and Exchange Commission blocked the transaction as it would breach the individual ownership limit provided under the law.<\/p>\n

CHANGES TO BVAL?
\n<\/b>Meanwhile, Mr. Limcaoco said the Philippine BVAL (Bloomberg Valuation Service) can be improved but does not see the need to change it anytime soon.<\/p>\n

\u201cAny index should, f<\/span>irst of all, be transparent, which means people can see where it comes from and how it\u2019s calculated. An index also should be something that\u2019s fairly liquid\u2026 and it should be something that\u2019s ref<\/span>lective of the market, which means people can deal around it,\u201d he said.<\/p>\n

\u201cNow, is BVAL that? It\u2019s not perfect, but as long as market participants accept it and trade of<\/span>f it, then it\u2019s an index. Can we come up with a better index today? I don\u2019t think there\u2019s one.\u201d<\/p>\n

The BVAL is administered by the BAP to be used as the Philippine peso government securities benchmark.<\/p>\n

The BVAL reference rates are solely calculated by Bloomberg Finance Singapore L.P. and its aff<\/span>iliates, under an agreement with the BAP.<\/p>\n

\u201cI don\u2019t think the current index is inappropriate today but like all indices, it can always be improved,\u201d Mr. Limcaoco said.<\/p>\n

\u201cBecause you need to deepen the markets, you need to deepen specif<\/span>ic maturities\u2026 Can we have a very liquid five-year benchmark? Yes, but then we would have to make sure that we have a consistent and liquid f<\/span>ive-year instrument. So that means some work both from the capital markets or with the National Treasury,\u201d he added.<\/p>\n

The BSP chief has been pushing for initiatives to deepen the capital markets. Bangko Sentral ng Pilipinas Governor Eli M. Remolona, Jr. <\/span>earlier said that the BVAL is a \u201cchoppy yield curve,\u201d noting the \u201clack of liquidity\u201d in the curve. He proposed the potential use of swaps curve.<\/p>\n

\u201cIf we have a swaps curve, maybe you need to make markets, perhaps in just one maturity, the f<\/span>ive-year. Maybe that will be good enough. Somehow, this has not happened; the short end still seems problematic. We do not have a good repo [repurchase] market to tie down the short end,\u201d Mr. Remolona earlier said.<\/p>\n

\u201cSo, I would like to revive the swaps market, the IRS [interest rate swaps] market, and insist on the market making at least the <\/span>f<\/span>ive-year maturity \u2014 which is the sweet spot for <\/span>f<\/span>ixed-income securities, corporate bonds, and derivative contracts,\u201d he added. \u2014 Luisa Maria Jacinta C. Jocson<\/b><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE BANKERS Association of the Philippines (BAP) expects the Philippine Stock Exchange (PSE) to submit this week a formal offer to acquire the Philippine Dealing System Holdings Corp. (PDS Group). \u201cI think we\u2019re expecting a formal offer from PSE, so we expect that maybe (this) week, a formal offer.\u00a0 Then the board will take it [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14656,19041,14644,19040,11021,17481,19042,745,742],"class_list":["post-20036","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-pse","tag-buyout","tag-bworldonline","tag-formal","tag-offer","tag-pds","tag-submit","tag-this","tag-week"],"yoast_head":"\nPSE to submit formal PDS buyout offer this week - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/pse-to-submit-formal-pds-buyout-offer-this-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PSE to submit formal PDS buyout offer this week - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE BANKERS Association of the Philippines (BAP) expects the Philippine Stock Exchange (PSE) to submit this week a formal offer to acquire the Philippine Dealing System Holdings Corp. 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