Bank of Commerce (BankCom) raised a record-high capital of P18 billion from its dual-tranche bond offering, exceeding the initial offer amount by more than three times.

In a disclosure to the Philippine Stock Exchange on Wednesday, BankCom announced it completed the sale in just three days.

“We appreciate the strong support of investors and are elated that one of our shortest peso bond offerings has also become the largest in BankCom’s history,” said BankCom president Michelangelo Aguilar.

BankCom, a subsidiary of San Miguel Corporation, stated that the offer period ran from 28 to 30 January.

The bonds consist of two-year bonds with a fixed interest rate of 6.1942 percent per annum and five-and-a-quarter-year bonds with a fixed interest rate of 6.3494 percent per annum.

Proceeds from the bonds will be used to diversify funding sources and for general corporate purposes.

These dual-tranche bonds represent the bank's third issuance under its P50 billion peso bond program.

They were listed on the Philippine Dealing & Exchange Corp. on Wednesday.

“The overwhelming response reflects investors' confidence in the bank’s strong fundamentals, and their preference for a clear and solid business strategy continues,” Aguilar said.

BankCom grew its net income by 10 percent to P2.2 billion in the first nine months of 2024, compared to the same period in the prior year.

Net interest income rose by 11 percent as loans to all client segments increased, BankCom added.