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Bank of Commerce rolls out P5-B new bond offer
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Bank of Commerce rolls out P5-B new bond offer

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San Miguel Corp. (SMC) affiliate Bank of Commerce (BankCom) is raising another P5 billion via peso bond offering to help refinance its maturing debt obligations.In a stock exchange filing on Tuesday, BankCom said the offering represented the second tranche of its P20-billion bond program.

The Series B bonds have a tenor of one and a half years with a fixed interest rate of 6.5635 percent per annum.

The offer period, which has an oversubscription option, runs from April 30 to May 9, but the bank has the option to shorten the sale period.

Listing on the Philippine Dealing and Exchange Corp. will be on May 16, BankCom added.

The lending arm of conglomerate SMC had launched its first bond program in 2022, raising P3 billion in the first tranche.ING Bank NV and Philippine Commercial Capital Inc. (PCCI) were tapped as joint lead arrangers and joint bookrunners for the issuance. BankCom is also acting as a selling agent for the deal, together with ING and PCCI.BankCom last year saw record profits as its core lending business grew.

Its earnings climbed to P2.8 billion, up by 56 percent, which the bank claimed was the highest growth rate posted by a listed Philippine bank in 2023.

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At year-end, its return on equity stood at 9.52 percent from 7.01 percent in the previous year.

Net interest income likewise soared by 24 percent to P1.61 billion.

Total assets increased by 7 percent to P231.67 billion. —Meg J. Adonis INQ


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