SAN MIGUEL Corp.-affiliated Bank of Commerce is offering peso-denominated bonds valued at a minimum of P5 billion, with the potential to increase the offering through an oversubscription option.
These bonds are part of a larger P20 billion bond program. The bonds have a short maturity of 1.5 years and offer a fixed interest rate of 6.5635 percent.
The offer period is from April 30 to May 9, 2024.
The Series B Bonds will be issued and listed on the Philippine Dealing and Exchange Corp. on May 16.
The money raised from the bonds will be used to pay off (refinance) existing debt that is coming due.
The bank said 2023, its 60th year in the banking community, was a strong year for them as they recorded a net income of P2.8 billion, up 56 percent from P1.8 billion the previous year.
The bank also recorded a strong return on equity of 9.52 percent last year.
The bank’s growth was driven by its lending business. / PR