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Philippines' Security Bank to redeem 10B pesos of notes

Philippines-based Security Bank Corp. plans to redeem its outstanding 10 billion pesos of 5.375% notes on July 12.

The lender said May 21 that it will exercise the call option of the unsecured subordinated notes, which are due July 11, 2024. It will pay the call price equal to 100% of the principal amount together with interest to noteholders as of June 28.

The bank has received regulatory approval for the note redemption.

As of May 21, US$1 was equivalent to 52.47 Philippine pesos.