The Security Bank Corporation (SECB) one of the top ten universal banks in the country and among the fastest growing and most profitable among its peers, closed the offer period of its Php3.0 billion Lower Tier 2 Notes issue on November 28, 2008.

Allocations were successfully completed at the close of business on December 3, 2008 and settlement of the Notes will be on December 10. The amount raised by Security Bank will be used to replace an existing Php3.0 billon Lower Tier 2 bond callable in January 2009.

The Notes were priced at 8.625%, 49bps over the 5-year PDST-F benchmark on November 17, 2008. Interest on the Notes will be paid quarterly.
Carlo Borromeo, Chief Financial Officer of Security Bank commented that “We are very pleased with the outcome of the transaction given the current volatile market conditions. We feel that we closed at a very attractive rate despite the competing supply in the market”. The spread of this new issue is an improvement over the Bank