Security Bank announces P3-B bonds sale

MANILA, Philippines — Security Bank announced Monday it is tapping the domestic debt market with its sale of fixed-rate peso bonds.

In a disclosure to the stock exchange, the bank said it plans to borrow a minimum of P3 billion from investors, with an option to increase the size of the borrowing if there would be strong investor demand.

The bonds will be payable in 1.5 years and will have an interest rate of 5.3% per annum. The offer period will run from October 17 to October 28.

Investors can buy the bonds at a minimum of P1 million and increments of P100,000 thereafter.

The bonds sale is part of the bank’s P100-billion borrowing program to support its lending activities and “expand its funding base.”

Security Bank hired Philippine Commercial Capital Inc. as sole bookrunner. PCCI and SB Capital Investment Corporation are the joint lead arrangers and selling agents for this issuance.