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Security Bank raises 6.06B pesos in LTNCDs

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Security Bank raises 6.06B pesos in LTNCDs

Security Bank Corp. raised 6.06 billion Philippine pesos through the issuance of long-term negotiable certificates of deposits or LTNCDs.

The issuance was oversubscribed and exceeded the original offer of 5 billion pesos, according to a Sept. 23 stock exchange filing.

The certificates carry an interest rate of 4.00%, which will mature March 23, 2025.

The issuance is part of the bank's strategy to diversify its funding sources and support business expansion plans.

Deutsche Bank AG's Manila branch served as sole lead arranger and selling agent in the issuance.

As of Sept. 23, US$1 was equivalent to 52.15 Philippine pesos.