Security Bank cops P18.5B from bond sale | Inquirer Business

Security Bank cops P18.5B from bond sale

/ 02:16 AM July 14, 2023

MANILA  -Banking tycoon Frederick Dy’s Security Bank Corp. raised P18.5 billion from the sale of corporate bonds, which marks its largest issuance to date.

The debt paper will mature in 1.5 years and pay an annual interest rate of 6.425 percent.

The sale was met with strong demand from investors, prompting the bank to upsize the offer size by 130 percent from the original P8 billion.


“Security Bank offered the bonds to diversify its funding sources and support its lending activities,” the bank said in a stock exchange filing on Thursday.


Secondary market liquidity

“The bonds were listed today (July 13) at the Philippine Dealing & Exchange Corp. to provide secondary market liquidity to investors who would like to trade the instruments,” it added.

The bonds were sold in minimum denominations of P1 million with increments of P100,000.

Security Bank executive vice president and financial markets segment head Arnold Bengco said the successful issuance and oversubscription was testament to investor confidence in the bank and its commitment to provide better services.

The lender earlier tapped Philippine Commercial Capital Inc. as sole bookrunner and PCCI and SB Capital Investment Corp. as joint lead arrangers and selling agents for the bond issuance.

READ: Security Bank secures P16B from blockbuster bond sale

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TAGS: Bond, listing, Philippine Dealing and Exchange Corp. (PDEx), Security Bank

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