Security Bank Corp. has raised P21 billion from the debt market, marking its largest bond issuance in history.
The bank led by tycoon Frederick Dy on Wednesday told the exchange the issuance went ‘well above’ its initial target of P5 billion.
The bonds, which are due in 2030, carry a fixed rate of 6 percent per annum.
Proceeds will be used to diversify Security Bank’s funding sources and support lending activities.
‘We’re grateful for the market’s confidence,’ Security Bank executive vice president Jim Yap said in a statement.
‘This successful issuance reaffirms investor trust in our strategy and strengthens our ability to fund growth while delivering on our BetterBanking promise.’