July 11, 2022San Miguel Corporation affiliate Bank of Commerce (“BankCom”) commences the public offer of its maiden peso bond issuance with a size of PHP 3 billion with an oversubscription option (“Series A Bonds”). BankCom will issue the bonds from its PHP 20 billion Bonds Program. The Series A Bonds has a tenor of 2 years and a fixed interest rate of 5.0263% per annum. The public offer period shall run from July 11 to July 22, 2022 but may be shortened by the issuer. The Series A Bonds shall be issued and listed on the Philippine Dealing & Exchange Corp. (PDEX) on July 29, 2022. Proceeds from the Bonds shall be used in (1) managing the Bank’s net interest margin by matching long-term assets with long-term funding to reduce the Bank’s interest rate risk; (2) diversifying funding sources; and (3) general corporate purposes. BankCom’s Total Assets stood at PHP206.38 billion as of 31 March 2022, up 5.63% from PHP195.39 billion in the same period the previous year. Loans and Receivables, comprising bulk of the Bank’s Assets at 41%, reached PHP84.67 billion as of end of March, yielding a double-digit growth of 16.29% year-on-year versus PHP72.81 billion the previous March. The Bank appointed ING Bank N.V., Manila Branch (ING) and Philippine Commercial Capital, Inc (PCCI).