Daily TribuneThe bonds have a tenor of 1.5 years and a fixed interest rate of 6.5635 percent per annum; offer period runs until 9 May
Photograph Courtesy of Sanmiguesl Corp.
San Miguel Corporation subsidiary The Bank of Commerce (BankCom) on Tuesday started sale of its P5 billion peso-denominated bonds.
“Proceeds from the bonds will be used to refinance maturing debt obligations,” the bank said in a disclosure to the Philippine Stock Exchange.
BankCom said the bonds are part of the second tranche of its P20-billion bond program.
The bonds have a tenor of 1.5 years and a fixed interest rate of 6.5635 percent per annum.
Offer period runs until 9 May.
Investors’ demand
BanCom said it may upsize the offer or shorten the subscription period depending on investors’ demand.
The bonds will be issued and listed on the Philippine Dealing & Exchange Corp. on 16 May.
BankCom operates as a universal bank, offering deposit, consumer and commercial loans, credit cards, asset management, trust and investments.
Last year, the bank grew its net income by 56 percent to P2.8 billion compared with the P1.8 billion it recorded in 2022.
“The bank’s record high profit was backed by growth in its core lending business,” BankCom said. Specifically, net interest income rose by 24 percent to P1.61 billion year-on-year.
