Security Bank will issue fixed rate bonds amounting to P13.5 billion, a significant upsize from the initial issue size of P5 billion given strong investor demand.
The 2-year Bonds carry a fixed interest rate of 3.125 percent per annum. “We want to thank our investors and clients for the unwavering trust and support despite volatile times.Our Bonds were met withstrong demandand we had to increase our original issue size by 2.7x to accommodate the orders,” remarked SECB EVP and Treasurer Raul Martin Pedro.
The bonds were issued out of the Bank’s P100 billion Peso Bond and Commercial Paper Program, initially established in December 2018 with an aggregate amount totaling P50 billion and had been subsequently increased to P100 billion as approved by the bank’s Board of Directors.
SECB has mandated Philippine Commercial Capital, Inc. (PCCI) as Sole Bookrunner, and PCCI and SB Capital Investment Corporation as Joint Lead Arrangers and Selling Agents for this issuance.
Security Bank is among the six largest private domestic universal banks in the Philippines by total assets at P784.4 billion as of March 31, 2020.
The bank has been operating for 69 years since it was established in 1951. It has a total of 309 branches and 839 ATMs as of March 31, 2020.