Security Bank offers up to $1-billion medium term notes

Security Bank Corp. has set up a medium-term note (MTN) facility of up to $1 billion to gain flexibility to tap offshore debt capital markets.
In a regulatory filing Thursday, Aug. 30, the listed lender said it has established an MTN program worth $1 billion or its equivalent in other currencies.
The program is expected to be listed at the Singapore Stock Exchange.
Security Bank has mandated Citigroup, CLSA, MUFG and UBS as joint lead arrangers for the program.
With the establishment of the note facility, the lender said it will “gain the flexibility to tap the international debt capital markets” which is subject to market conditions.
The MTN program will broaden the base of Security Bank for fund-raising. The notes are offered on a continuing basis until the ceiling is reached.
Security Bank’s net income stood at P2.35 billion in the first quarter, down 16.6% due to lower trading gains. — Karl Angelo N. Vidal