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Keisha Ta-Asan - The Philippine Star
February 21, 2025 | 12:00am
MANILA, Philippines — San Miguel-led Bank of Commerce (BankCom) has raised a record P18 billion from its third foray into the domestic debt market, marking its largest issuance to date.
The offering, which initially targeted P5 billion, was oversubscribed by 3.6 times in just three days as institutional and retail investors swarmed the peso bond issuance.
“We appreciate the strong support of investors and are elated that one of our shortest peso bond offering has also become the largest in BankCom’s history,” BankCom president Michelangelo Aguilar said in a statement.
“The overwhelming response reflects their (investors’) confidence in the bank’s strong fundamentals, and their preference for a clear and solid business strategy continues,” he said.
The dual-tranche fixed rate bonds due 2027 (Series C Bonds) and fixed rate bonds due 2030 (Series D Bonds) were officially listed on the Philippine Dealing and Exchange Corp. (PDEx).
The Series C Bonds, which raised P10.01 billion, carry a tenor of two years with a fixed interest rate of 6.1942 percent per annum. Meanwhile, the Series D Bonds raised P8 billion with a 5.25-year tenor and a fixed interest rate of 6.3494 percent per annum.
Interest payments will be made quarterly. The minimum investment for the bonds was set at P100,000, with increments of P50,000 thereafter.
