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Bank of Commerce Starts PHP3 Billion Maiden Peso Bond Offering

HomeNewsBank of Commerce Starts PHP3 Billion Maiden Peso Bond Offering

July 11, 2022

San 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).

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