Credit-led fintech Salmon Group Ltd. has raised $50 million from its latest Nordic bond issuance, a deal seen to accelerate its aspiration to build ‘Southeast Asia’s next-generation consumer banking.’
This latest debt offering follows the $60-million inaugural bond issue in April 2025. This brings Salmon’s total bond financing to $110 million under its $150-million Nordic bond framework.
Strong demand from global fixed income investors made the issue oversubscribed by two times the original offer, the fintech said.
Salmon cofounder Raffy Montemayor said: ‘We are opening a new chapter for Philippine financial services built on innovation, inclusion and trust. As the Philippines stands at the heart of Southeast Asia’s growth story, with its young consumer base, strong regulators and digital-first mindset, we see tremendous opportunity to reshape the industry.’ Out to scale faster
‘Through Salmon Bank and Sunprime Finance, we are proud to lead this transformation by offering products that meet the everyday needs of Filipinos, including credit lines, cards, consumer and moto loans, and now high-yield deposits,’ Montemayor said.
The group operates through its financing company and Bangko Sentral ng Pilipinas-regulated Salmon Bank (Rural Bank) Inc., formerly known as Rural Bank of Sta. Rosa (Laguna) Inc.
Montemayor said the successful bond issuance validated international investors’ confidence in both the Philippines and Salmon’s long-term vision.
‘With this new funding, we are poised to scale faster, bring world-class financial services closer to millions of Filipino families, and redefine what banking can mean in our region,’ added Montemayor.
Pareto Securities acted as the sole bookrunner and underwriter on the transaction. Explainer: Nordic bond?
According to a leveraged finance publication issued by Baker McKenzie’s Stockholm office, Nordic bond offering is an efficient and low-cost debt financing option. It benefits issuers by giving them an alternative form of financing while also rewarding investors who are chasing attractive yields in instruments that offer some level of liquidity.
However, Nordic bonds require no credit rating and limited disclosure, which also means that less information is made available to investors and no meaningful vetting of the issuer and its business is conducted, the publication said.