Security Bank Corp., the sixth-largest lender in terms of assets, successfully raised P6.06 billion through the offering of long-term negotiable certificates of deposit that marked the second time the bank tapped the debt capital market in 2019.
The bank said in a disclosure to the stock exchange Monday the issuance was driven by solid demand from both retail and institutional investors, resulting in total subscriptions of P6.06 billion.
The amount exceeded the original offer of P5 billion and allowed the bank to successfully price the LTNCD at 4.00 percent despite rising interest rates and broader market volatility.
“This issuance has firmly placed our credit amongst retail investors—the LTNCD gives the investing public the chance to further express their confidence in Security Bank’s stability and ability to grow,” bank executive vice president and treasurer Raul Pedro said.
The P6.06-billion drawdown marked the first tranche of the bank’s P20-billion approval from the Bangko Sentral ng Pilipinas.