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Security Bank offers P5-B bonds

By James A. Loyola

Security Banking Corporation has started its offering of P5 billion worth of fixed rate bonds but may upsize the transaction depending on demand.

In a disclosure to the Philippine Stock Exchange, the bank said the bonds will have a tenor of 2 years and will be marketed at a fixed rate of 3.125 percent per annum.

The public offer period will run from June 23, 2020 to July 15, 2020. Minimum denominations have been set for P1,000,000 and increments of P100,000 thereafter.

Security Bank will list the Bonds on the Philippine Dealing and Exchange Corporation on July 24, 2020, to provide secondary market liquidity to investors who would like to trade the instruments.

The bonds will be issued out of the bank’s P100 billion Peso Bond and Commercial Paper Program (Program).

The Program was 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.

Security Bank 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.


Source: Manila Bulletin (https://business.mb.com.ph/2020/06/23/security-bank-offers-p5-b-bonds/)

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