Bank of Commerce (BankCom), a subsidiary of San Miguel Corporation, raised P6.57 billion from the second tranche of its peso bond offering.

In a disclosure to the Philippine Stock Exchange on Friday, BankCom said the peso bonds or Series B bonds drew 1.3 times oversubscriptions from retail and institutional investors by the end of the offer period last 9 May.

“Proceeds of the offer will be used to refinance maturing debt obligations,” BankCom said.

Part of bonds program

The Series B bonds are part of the bank’s P20-billion bonds program.

The Series B bonds have a tenor of 1.5 years and a fixed interest rate of 6.5635 percent per annum.

Listing of the bonds on the Philippine Dealing & Exchange Corp. is slated on 16 May.

BankCom continues to grow its business, building on its strong performance last year when it posted 56 percent growth in net income to P2.8 billion.

“It was considered the highest growth rate posted by a listed Philippine bank for the year,” the bank said.

Return on equity improved to 9.52 percent from 7.01 percent.