Security Bank cracks open bond investors

Debut $300m offering by the Philippine bank comes at a small premium to its nearest peer, Rizal Commercial Banking Corporation.

Security Bank cracks open bond investors

Security Bank, the Philippines' tenth largest bank by assets, completed its maiden offshore bond on Tuesday, offering a small new issue premium to its nearest comparable, Rizal Commercial Banking Corporation RCBC.

The BBBB rated issuer priced a $300 million five-year Reg S deal at par with a coupon and re-offer yield of 3.95%. This was 25bp inside initial guidance around the 4.2% area and the tight end of final guidance...

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