Philippines’ Bank of Commerce offers PHP 3 billion two-year bonds

By Marisa Wong

Los Angeles, July 11 – San Miguel Corp. affiliate Bank of Commerce is offering PHP 3 billion of 5.0263% two-year series A bonds with an oversubscription option, according to a company announcement.

The bonds will be issued under the bank’s PHP 20 billion bond program.

The public offer period will run from July 11 to July 22 but may be shortened by the issuer.

The bonds will be issued and listed on the Philippine Dealing & Exchange Corp. on July 29.

ING Bank NV, Manila Branch and Philippine Commercial Capital, Inc. (PCCI) are joint lead arrangers and joint bookrunners for the offering.

Bank of Commerce is also acting as a selling agent for the offering, together with ING and PCCI.

The Mandaluyong, Philippines-based bank will use proceeds from its maiden bond offering to manage its net interest margin by matching long-term assets with long-term funding to reduce its interest rate risk, to diversify funding sources and for general corporate purposes.

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