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

In a report to the Philippine Stock Exchange on Wednesday, BankCom said it achieved the sale in just three days.

“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.

BankCom, a subsidiary of San Miguel Corporation, said 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.

Diversification tool

Proceeds from the float will be used for diversification of funding sources and general corporate purposes.

The dual-tranche bonds have been the bank’s third issuance from its P50-billion bond program.

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

“Their overwhelming response reflects their 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 said.