Security Bank raises P5.8B from long-term notes offer
It was more than what they planned.
Security Bank Corporation successfully raised fresh funding from its latest offering of Long-Term Negotiable Certificates of Time Deposit (CDs) to investors.
In a disclosure, the bank said they were able to secure P5.781 billion worth of notes, which is higher than the original P5-billion target.
“Due to strong demand for the CDs, Security Bank exercised its oversubscription option and accepted offers above the initially announced P5 billion issue size,” the bank said.
The notes come with a 4.5 percent annual interest and will mature in 5.5 years.
Investors made their bets from April 10-20 as they lent funds to support the bank’s additional capital needs for its operations and expansion plans.
HSBC and Standard Chartered Bank were tapped as joint lead arrangers and
bookrunners, and were also the selling agents along with Security Bank and Multinational Investment Bancorporation.