Bank of Commerce (BankCom), an affiliate of San Miguel Corp., has opened a public offering of at least P5 billion in fixed-rate bonds, with annual interest rates up to 7.6563 percent, to diversify funding sources and manage its balance sheet.
The offering comprises two tranches under BankCom’s P80-billion peso bond program: Series E bonds due 2028 and Series F bonds due 2029. The bank may increase the issue size through an oversubscription option.
The 1.5-year Series E bonds carry a fixed annual interest rate of 6.9882%, while the three-year Series F bonds offer 7.6563 percent. Interest payments will be made quarterly.
The minimum investment is P100,000, with additional investments in increments of P50,000.
The offer period runs from October 26 to November 4, 2026, at 5 p.m., although BankCom may shorten or extend the period. The bonds are expected to be issued and listed on the Philippine Dealing & Exchange Corp. on November 11.
BankCom said proceeds will support balance-sheet management, diversify funding sources, and finance general corporate purposes.
The fund-raising comes as the bank reports stronger earnings. For the six months ended June 30, 2026, BankCom posted net income of P2.11 billion, up 13% from the same period last year.
The bank also reported record post-initial public offering profitability, with return on equity at 11.56 percent and return on assets at 1.47 percent, supported by core banking operations and client-related foreign exchange gains.
ING Bank N.V., Manila Branch; Philippine Commercial Capital Inc.; Security Bank Capital Investment Corp.; and Standard Chartered Bank have been appointed joint lead arrangers and joint bookrunners. BankCom will also act as a selling agent alongside the four institutions.
The bond sale gives investors access to fixed quarterly income while providing the bank with longer-term peso funding. Actual returns for investors will depend on the purchase price and their holding period.
