January 28, 2025San Miguel Corporation affiliate Bank of Commerce (BankCom) announced the start of the public offer of its dual-tranche fixed rate bonds due 2027 (Series C Bonds) and fixed rate bonds due 2030 (Series D Bonds), with a minimum aggregate issue size of Php 5 billion with an oversubscription option. The bonds will be issued as the third tranche of BankCom’s increased Php 50 billion Peso Bond Programme. The Series C Bonds have a tenor of two (2) years and a fixed interest rate of 6.1942% per annum. The Series D Bonds have a tenor of five and a quarter (5.25) years and a fixed interest rate of 6.3494% per annum. Interest shall be paid quarterly. The minimum investment amount is Php 100,000 with increments of Php 50,000 thereafter. Eligible individual investors that hold the Series D Bonds until maturity will enjoy a net fixed interest rate of 6.3494% per annum. The public offer period runs from January 28 to January 30, 2025 12:00 noon. The Series C Bonds and Series D Bonds are targeted to be issued and listed on the Philippine Dealing & Exchange Corp. (PDEx) on February 19, 2025. Proceeds from the issuance will be used for management of the bank’s balance sheet, diversification of funding sources, and general corporate purposes. As of September 2024, BankCom recorded a net income of Php 2.2 billion, a 10% increase from Php 2.0 billion reported in the previous year. Return on Equity stood at 9.27%, more than double the Bank’s IPO prospectus ROE of 4.22%. The Bank’s healthy profit was backed by growth in its core lending business. Net interest income was up by 11% year on year. Growth was registered across all lending segments. The Bank also saw growth on its service charges, fees, and commissions driven by revenues from its investment banking, credit card, and trust businesses. BankCom appointed ING Bank N.V., Manila Branch (ING), Philippine Commercial Capital, Inc. (PCCI Capital), Security Bank Capital Investment Corporation (Security Bank Capital), and Standard Chartered Bank (SCB) as Joint Lead Arrangers and Joint Bookrunners for this issuance. BankCom is also acting as a Selling Agent for the offering, together with ING, PCCI Capital, Security Bank Capital, and SCB. THE BONDS ARE SECURITIES EXEMPT FROM REGISTRATION UNDER SECTION 9.1(E) OF THE SECURITIES REGULATION CODE AND ACCORDINGLY, WILL NOT BE REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE BONDS ARE NOT DEPOSIT INSTRUMENTS AND ARE NOT INSURED BY THE PHILIPPINE DEPOSIT INSURANCE CORPORATION. About Bank of Commerce An affiliate of San Miguel Corporation (SMC) since 2008, Bank of Commerce is a publicly-listed universal bank focused on helping its clients, communities and conglomerate partners by delivering the best choice of financial services harnessing the strengths of the SMC Group. Bank of Commerce is identified by its logo bearing the SMC symbols of escudo and cloverleaf, and by the trademark license short name “BankCom” granted by the Intellectual Property Office (IPO) in 2020. BankCom traces its origins to the Overseas Bank of Manila which opened in Binondo, Manila in 1963.