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Manila Bulletin devider Business devider Banking & Finance devider Security Bank ends P5-billion bond offer early

Security Bank ends P5-billion bond offer early

Published Aug 6, 2024 12:29 am

Security Bank Corporation announced that it has ended its P5-billion bond offer period early as volume significantly exceeded target.

In a disclosure to the Philippine Stock Exchange (PSE), the bank said the “prevailing market conditions also allowed the Bank to augment its returns to its clients.”

Previously marketed at a fixed rate of 5.70 percent per annum, the coupon has been adjusted to 6.05 percent per annum. Proceeds of the offering will be used to support the bank’s lending activities and expand its funding base.

The offering had a minimum issue size of P5 billion, with an option to upsize. The offer period began on July 8, 2024, and officially ended Aug. 5, 2024, earlier than the original close of offer on Aug. 13, 2024.

Security Bank said it will issue, settle, and list the bonds on the Philippine Dealing and Exchange Corporation on Aug. 20, 2024 to provide secondary market liquidity to investors who would like to trade the instruments. 

The bonds were offered in scripless form in denominations of P10,000 each, with a minimum investment of P100,000. Thereafter, the bonds may be traded in multiples of P10,000 in the secondary market.

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

The bonds will be issued out of Security Bank’s P200 billion Peso Bond and Commercial Papers Program and will have a tenor of five years and one month.

“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 Financia Markets Segment Head Arnold Bengco earlier.

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.

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