The Bank of Commerce started on Tuesday started the public offer of 1.5-year bonds that would raise at least P5 billion for the listed banking affiliate of San Miguel Corp. The public offer is scheduled to end 9 May.
The Series B bonds, which is the second tranche of BankCom’s P20 billion bond program, carry a fixed interest rate of 6.5635 percent.
The bonds will be listed on the Philippine Dealing & Exchange Corp. on 16 May.
Proceeds from the bonds will be used to refinance maturing debt obligations.
BankCom has appointed ING Bank N.V., Manila Branch and the Philippine Commercial Capital Inc. as joint lead arrangers and joint bookrunners for the bond issuance. BankCom is also acting as a selling agent for the offering, together with ING and PCCI Capital.
The bank reported a record high net income of P2.8 billion, up 56 percent year on year. It recorded a return on equity of 9.52 percent last year, up from the previous year’s 7.01 percent.
