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 of 3.95% to 4%.
The order book closed with about $1.75 billion in demand from 187 accounts, of which 58% came from the Philippines, 35% Asia and 7% Europe....
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