Security Bank Corp., one of the country’s biggest banks in terms of assets, loans and deposits, said Tuesday it shortened the offering period for its fixed-rate bonds which started on June 23 on strong demand from investors.
The two-year bonds carry a fixed rate of 3.125 percent per annum. Minimum denominations were set for P1 million and increments of P100,000.
“We appreciate the overwhelming support that our investors and clients have been giving our bond offer. In view of the strong demand we have received so far, we are shortening the offer period to end on July 03, 2020, from the initial target end of offer period of July 15, 2020,” Security Bank executive vice president and treasurer Raul Martin Pedro said in a statement to the stock exchange.
The bonds will be issued out of the bank’s P100-billion peso bond and commercial paper program. The program was initially established in December 2018 with an aggregate amount totaling P50 billion and was subsequently increased to P100 billion as approved by the bank’s board of directors.