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Security Bank starts offer of 1.5-year bonds

Security Bank starts offer of 1.5-year bonds

SECURITY BANK Corp. on Monday started offering 1.5-year peso-denominated bonds and is looking to raise up to P1 billion in fresh funds.

The bonds are being marketed with a fixed rate of 3.7407% per annum, Security Bank said in a disclosure to the stock exchange on Monday.

The proceeds of the bond offer will be used to diversify the bank’s funding sources and support its lending activities, the listed lender said in an e-mail.

The issue size is set at P1 billion with an oversubscription option depending on demand. The bonds will be issued out of Security Bank’s P100-billion peso bond and commercial paper program.

The bonds are available to the market for investments starting at P1 million and in increments of P100,000 thereafter.

The offer period will run until July 15, unless adjusted by the bank.

Security Bank will list the bonds on the Philippine Dealing and Exchange Corp. on July 20 “to provide secondary market liquidity to investors who would like to trade the instruments,” it said.

The lender tapped Philippine Commercial Capital, Inc. (PCCI) to be the sole bookrunner for the issuance. The joint lead arrangers and selling agents for the transaction are PCCI and SB Capital Investment Corp.

Security Bank recorded a higher net income in the first three months of the year amid lower loan loss buffers and an improvement in its core earnings.

The lender’s net profit rose by 66% to P2.7 billion in the first quarter. This translated to a return on shareholders’ equity of 8.81%, while return on assets stood at 1.55%.

Security Bank’s shares closed at P87.60 apiece on Monday, up by 0.34% or 30 centavos from the previous finish. — Keisha B. Ta-asan

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