Security Bank’s P10-B notes well received
Security Bank Corp. has received an overwhelming response on the public offer of its P10-billion Basel III compliant Tier 2 Notes last July 3.
“The notes were well-received by the market and saw strong demand from both institutional and retail investors. This enabled the bank to raise the P10 billion worth of the Tier 2 Notes, Security Bank president & chief executive officer Alberto Villarosa said.
“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 delivering products vital for this period of economic growth in our country, he said.
The notes, he said, would have a tenor of 10 years, with the bank having an op- tion to redeem after five years.
The notes will bear a coupon rate of 5.375 percent per annum and interest payments are due on a quarterly basis. The issue date is July 11, 2014.
Deutsche Bank AG, Manila branch, The ongkong and Shanghai Banking Corp. Limited, and Standard Chartered Bank acted as joint lead arrangers and as selling agents.
Security Bank is a limited selling agent while Multinational Investment Bancorporation, is the market maker and selling agent.
The trust services group of the Development Bank of the Philippines is the public trustee.
Security Bank is the eighth largest in total assets among private domestic universal banks in the country with total assets of P377 billion, seventh largest in loans with loan portfolio of P166 billion, and eighth largest in capital at P42 billion as of March 31, 2014.
The bank posted a 17-percent growth in net income to P1.43 billion in the first quarter of 2014, with a return on shareholders’ equity of 13.8 percent which is among the highest in the industry, and healthy Basel III capital ratios of 14 percent Total CAR and 13.5 percent Tier 1 CAR.
In 2013, Security Bank was awarded Best Managed Bank in the Philippines by The Asian Banker.
In 2012, it was awarded as Bank of the Year in the Philippines by The Banker of London, and the Strongest Bank in the Philippines by The Asian Banker.
The bank was established in 1951.