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Friday, March 29, 2024

Bank of Commerce starts P3-b bond sale

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Bank of Commerce, a unit of conglomerate San Miguel Corp., started on Monday its P3-billion maiden bond offering to fund general corporate activities .

The bank said in a disclosure to the stock exchange it would issue the bonds from its P20-billion bonds program. The Series A Bonds have a tenor of two years and a fixed interest rate of 5.0263 percent per annum.

The public offering period willrun from July 11 to July 22, 2022 but may be shortened by the issuer. The Series A Bonds will be issued and listed on Philippine Dealing & Exchange Corp. (PDEX) on July 29, 2022.

“Proceeds from the bonds shall be used in managing the bank’s net interest margin by matching long-term assets with long-term funding to reduce the bank’s interest rate risk; diversifying funding sources; and general corporate purposes,” the bank said.

The bank tapped ING Bank N.V. Manila branch and Philippine Commercial Capital Inc. as joint lead arrangers and joint book-runners of the issue. Bank of Commerce is also acting as a selling agent, along with ING and PCCI.

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