Lender raises ₧18.5B from peso-bond issue

By Cai U. Ordinario @caiordinario

PuBLICLY-listed domestic universal bank Security Bank Corp. (PSE: SECB) raised P18.5-billion worth of fixed rate peso corporate bonds set to mature in 2025.

The bonds had a rate of 6.425 percent per annum and had a tenor of 1.5 years. This offering is considered the bank’s largest bond issue to date.

In a disclosure to the Philippine Stock Exchange (PSE) last Thursday, SECB said the proceeds from the sale of the debt papers is to “diversify its funding sources and support its lending activities.”

“Due to strong demand for the bonds, the Bank exercised its oversubscription option and accepted offers above its minimum P8 billion issue size. Minimum denominations were set for P1 million and increments of P100,000 thereafter,” the bank said in a statement.

The bonds were listed today at the Philippine Dealing & Exchange Corp. (PDEx) to provide secondary market liquidity to investors who would like to trade the instruments.

SECB Executive Vice President and Financial Markets Segment Head Arnold q Bengco said the successful issuance and oversubscription is a “testament to investor confidence in the bank and its commitment to provide better banking service.”

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.

The lender has total assets of P794 billion as of March 31, 2023. The bank has been operating for 72 years since it was established in 1951.

SECB has a total of 317 branches and 659 ATMs, cash recycler machines and cash acceptance machines.

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