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Manila Bulletin devider Business devider Banking & Finance devider Security Bank announces P5-billion bond sale

Security Bank announces P5-billion bond sale

Published Jul 8, 2024 12:57 am

Security Bank Corporation plans to raise at least P5 billion from a fixed-rate peso bond offering with an oversubscription option to be issued from its P200 billion peso bond and commercial papers program.

In a disclosure to the Philippine Stock Exchange (PSE), the bank said the bonds will have a tenor of five years and one month and will be marketed at a fixed rate of 5.70 percent yearly. 

The public offer period will run from July 8 to August 13, 2024. Minimum denominations have been set for P100,000 and increments of P10,000 thereafter.

Security Bank said it will list the Bonds on the Philippine Dealing and Exchange Corp. on Aug. 20, 2024, to provide secondary market liquidity to investors who want to trade the instruments.

Proceeds from the planned bond offering will support the bank’s lending activities and expand its funding base.

“We’re excited about this peso bond offering, which will support our strategic initiatives and diversify our funding sources. We’re confident this offering will deliver value to our clients looking to invest in a high-quality instrument with attractive returns,” said Security Bank Executive Vice President and Financial Markets Segment Head Arnold Bengco.

Security Bank has mandated Philippine Commercial Capital Inc. and SB Capital Investment Corporation as Joint Bookrunners, Joint Lead Arrangers, and Selling Agents for this issuance.

The bank recently reported an 11 percent year-on-year improvement in net profit to P2.6 billion in the first quarter of 2024, reflecting growth in its Retail and MSME businesses.

Total revenues increased 27 percent to P12.5 billion as net interest income rose 44 percent over the year to P10.7 billion.

“Our results for the first quarter reflect both accelerating momentum across our Retail, MSME, and Wholesale Segments,” said Security Bank President and CEO Sanjiv Vohra.

Total non-interest income was at P1.8 billion. Service charges, fees, and commissions increased 136 percent year-on-year to P3.1 billion, boosted by the Bancassurance milestone fee.

Excluding extraordinary items on both revenue and expense, which offset each other, normalized net income would be largely unchanged.

Net interest margin increased to 5.32 percent, up by 12 basis points versus quarter-ago level and up by 126 basis points versus year-ago level.

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