Security Bank raises P10B from sale of Basel III Tier 2 Notes

MANILA, July 7 (PNA) — Security Bank Corporation (Security Bank) was able to raise P10 billion after offering 10-year Basel III-compliant Tier 2 Notes.

In a disclosure with the Philippine Stock Exchange (PSE) Monday, the bank said it ended the offer period for the Notes on July 3, 2014.

Security Bank President and Chief Executive Officer (CEO) Alberto S. Villarosa said the Notes issuance received strong demand both from institutional and retail investors.

“We take this opportunity to thank once again our customers and investors for their strong support.Through the Tier 2 Notes, Security Bank continues to create value for our customers by deliveringproducts vital for this period of economic growth in our country,” he said.

The Notes has Acoupon rate of 5.375 percent payable on a quarterly basis.

It has a five-year call option and will be issued on July 11, 2014.

Security Bank tapped Deutsche Bank, The Hongkong and Shanghai Banking Corporation Limited, and Standard Chartered Bank as joint lead arrangers and selling agents.

Security Bank also served as limited selling agent and Multinational Investment Bancorporation was tapped as market maker and selling agent.

Also, the Trust Services Group of the Development Bank of the Philippines was mandated as the public trustee. (PNA)