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Manila Bulletin devider Business devider Banking & Finance devider BankCom lists P6.57-B bonds at PDEx

BankCom lists P6.57-B bonds at PDEx

Published May 16, 2024 08:38 am

Bank of Commerce (BankCom), the banking arm of San Miguel Corporation, has listed its P6.57 billion 1.5-year Series B Bonds on the Philippine Dealing & Exchange Corporation (PDEx).

In a disclosure to the Philippine Stock Exchange, the bank said the aggregate orderbook for the issuance exceeded the original target issue size by 1.3 times, evidencing strong demand from institutional and retail investors.

Bankcom Michaelangelo Aguilar.png
BankCom President Michaelangelo Aguilar 

“We are overwhelmed by the market’s response on our second Peso bond issuance. We truly appreciate the confidence shown by both institutional and retail investors in BankCom’s performance, and steeper trajectory of growth since we listed our maiden bond offering in 2022,” BankCom President Michaelangelo Aguilar said.

BankCom’s bond was offered on April 30, 2024 at a coupon rate of 6.5635 percent per annum due 2025. Minimum denominations were set for P100,000 and increments of P50,000 thereafter. The bonds were listed on May 16, 2024 in PDEx.

The Series B Bonds represent the second tranche of BankCom’s P20 billion Bonds Programme. Proceeds from this issuance will be used to refinance maturing debt obligations.

In 2023, BankCom marked its 60th anniversary with a record high net income of P2.8 billion. This was a 56 percent increase from the P1.8 billion it reported in the previous year, and considered the highest growth rate posted by a listed Philippine bank for the year.

At the end of 2023, Return on Equity stood at 9.52 percent, marking an improvement from the previous year's 7.01 percent and more than double the Bank's IPO prospectus ROE of 4.22 percent.

The bank’s record high profit was backed by growth in its core lending business. Net interest income was up by P1.61 billion or 24 percent year on year. Growth was registered across all lending segments.

The bank also saw growth in service charges, fees, and commissions, driven by revenues from its investment banking, credit card, and trust businesses.

“We thank the investors for their trust and recognition of BankCom’s credit-worthiness, stability, and strong commitment to achieving our business plans and objectives,” Aguilar said.

BankCom appointed ING Bank N.V., Manila Branch (ING) and Philippine Commercial Capital, Inc (PCCI Capital) as Joint Lead Arrangers and Joint Bookrunners and Selling Agents for the Offer. BankCom also acted as a Selling Agent for the Offer. 
 

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