The Philippine Bank of Communications on Monday launched its inaugural peso bond issuance with an initial size of P2.0 billion with an oversubscription option to diversify its funding sources and support loan growth.
The bond offer, which is part of PBCom’s 15.0 billion bond program, will run from Monday through 28 October. The bonds are expected to be issued and listed on the Philippine Dealing & Exchange Corporation on 5 November.
The Series A bonds will have a tenor of one and a half years, featuring a fixed interest rate of 6.0796 percent annual interest.
The bank will use proceeds from the bond issue for general corporate purposes, including refinancing existing debt obligations, enhancing funding diversification, and facilitating loan expansion.
This financial maneuver underscores PBCom’s commitment to strengthening its capital base and supporting growth initiatives.
PBCOM is a universal bank, recently recognized in Forbes Asia’s “Best Under a Billion” list for 2024. This prestigious ranking highlights the top 200 performing small and mid-sized listed firms in the Asia Pacific with annual sales below USD1 billion, with PBCOM standing out as one of only three Philippine companies to be included.
As of June, PBCOM reported total assets of P148.7 billion, reflecting a 12.2 percent increase year-over-year. Loans and receivables reached P90.0 billion, underscoring the bank’s strong performance in lending activities.
The bank has appointed ING Bank N.V. Manila Branch as the Sole Arranger and Bookrunner, with both PBCOM and ING acting as selling agents. The Development Bank of the Philippines–Trust Banking Group has been designated as the Trustee for the bond issuance.
