Security Bank Lists Maiden Issuance of PhP 8.6 Billion LTNCTD in PDExPosted on: November 8, 2017
08 November 2017, Makati Philippines – Security Bank debuted in the Philippine Dealing & Exchange Corp. (PDEx) organized secondary market with the listing of its PhP 8.6 Billion Long-Term Negotiable Certificates of Time Deposit (LTNCTD) due 2023.
Security Bank Executive Vice President and Treasurer Raul Martin Pedro led the ringing of the listing bell to herald the start of trading of the first tranche out of its PhP 20 Billion LTNCTD approval from the Bangko Sentral ng Pilipinas.
Mr. Pedro stressed the importance of having third party arrangers (i.e. HSBC, Standard Chartered, and PDTC) to work on the issuance given LTNCTD’s “public” nature. While the process may be more cumbersome, what’s vital is the presence of these safeguards that would ensure true price discovery and transparency, investor protection, and compliance with the prescribed global standards.
Security Bank’s listing marks the 26th corporate debt listing for the year, bringing the total volume of new listings to PHP 172.09 Billion as of November 2017, a 65% increase from the same period last year pushing a total of 125 debt securities listed in PDEx from 12 returning and seven new Issuers.
PDEx President and COO Antonino Nakpil remarked: “With three more corporate Issuers lining up in the next few weeks, we are inching ever closer to the next milestone level of PHP 800 Billion of corporate bonds listed. We hope to see this year-end momentum for issuances, a continuing affirmation of confidence from both Issuers and Investors in a well-functioning marketplace, in to the next year.”
Present in the listing ceremony were Security Bank Executive Vice President and Treasurer Raul Martin A. Pedro, Security Bank SVP and Chief Dealer Andre Ibarra, the issue joint lead arrangers and selling agents, The Hongkong and Shanghai Banking Corporation Limited led by its Treasurer and Head of Global Markets Dondi Baltazar and Standard Chartered Bank CEO –Philippines Lynette Ortiz. #