Security Bank Corp. said Friday it raised proceeds of P13.5 billion from a bond issue after it had to expand its offering due to strong demand.

“Our bonds were met with strong demand and we had to increase our original issue size by 2.7 times to accommodate the orders,” Security Bank Executive Vice President and Treasurer Raul Martin A. Pedro was quoted as saying in a filing.

The two-year issue has a fixed coupon of 3.125%.

The initial target was to raise P5 billion.

The public offer period ran between June 23 and July 3, closing ahead of the initially scheduled July 15.

Investments came in minimum denominations of P1 million and in increments of P100,000 thereafter.

The bank hopes to raise P100 billion pesos in its current bond and commercial paper program.

Security Bank has said the proceeds will help “extend the tenor of our liabilities” and fund regular lending activities.

Philippine Commercial Capital, Inc. (PCCI) was the sole bookrunner for the transaction. PCCI and Security Bank Capital Investment Corp. were the joint lead arrangers and selling agents.

Security Bank’s net earnings rose 21% year-on-year to P2.9 billion in the first quarter. Revenue rose 75% to P13.2 billion, supported by growth in core businesses as well as trading gains.

security Bank shares fell P2.30 to P97.70 Friday. — Luz Wendy T. Noble