Strong investor demand enabled Bank of Commerce (BankCom), an affiliate of San Miguel Corp., to raise P17.4 billion from its latest bond offering, more than 3.4 times the minimum P5-billion issue size despite a challenging market environment.
The bank listed the dual-tranche bonds on the Philippine Dealing & Exchange Corp. on Nov. 11, with proceeds earmarked for balance-sheet management, funding diversification, and general corporate purposes.
The offering comprised P9.3 billion in 1.5-year bonds due 2028 carrying a fixed annual interest rate of 6.9882 percent, and P8.1 billion in three-year bonds due 2029 with a coupon of 7.6563 percent. Interest will be paid quarterly.
The issuance represents the fourth tranche under BankCom’s updated P80-billion peso bond program. The minimum investment was P100,000, with additional investments in increments of P50,000.
BankCom President Michelangelo Aguilar said the oversubscription reflected investor confidence in the bank’s fundamentals and growth strategy despite difficult market conditions.
The strong demand also gives the lender greater flexibility to manage its funding base and support the expansion of its banking business, he said.
BankCom reported net income of P2.11 billion in the first half of 2026, up 13 percent from the same period last year.
The bank also posted record post-initial public offering profitability, with return on equity of 11.56 percent and return on assets of 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 served as joint lead arrangers and joint bookrunners. They also acted as selling agents alongside BankCom, while PCCI Capital served as market maker.
