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Philippines’ Security Bank talks 5˝-year negotiable CDs at 3 7/8%
By Marisa Wong
Morgantown, W.Va., Oct. 17 – Security Bank Corp. said it launched an offering of long-term negotiable certificates of deposit on Tuesday. The bank plans to sell at least PHP 5 billion of the long-term negotiable CDs and may upsize the deal depending on demand.
The 5˝-year negotiable CDs will be marketed at an indicative rate of 3 7/8%. The final rate will be set during the public offer period, which will run from Oct. 17 to Oct. 30.
HSBC and Standard Chartered Bank are the joint lead arrangers and bookrunners and also selling agents together with Security Bank and Multinational Investment Bancorp.
The bank said it will be on a multi-city roadshow in the Philippines from Oct. 17 to Oct. 19 to further promote the investment instruments.
The Bangko Sentral ng Pilipinas approved on Oct. 5 the issuance of up to PHP 20 billion of long-term negotiable CDs. This will be Security Bank’s first tranche.
The bank is based in Makati City, Philippines.
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