WebClick Tracer

September 24, 2023

Bank of Commerce ends maiden peso bond offer ahead of schedule

Bank of Commerce led by bankero Miichelangelo Aguilar decided to shorten the public offer period of its maiden peso bond issuance due to overwhelming demand from institutional and retail investors.

The banking arm of diversified conglomerate San Miguel Corp. (SMC) ended the offer period a day after it started last July 11.

The bank was supposed to end the offering of Series A bonds with a tenor of two years and a fixed rate of 5.0263 percent per annum on July 22.

Bank of Commerce was originally looking at raising at least P3 billion with an oversubscription option as it tapped the domestic bond market for the first time as part of its P20 billion bond program.

The bonds would be listed on the Philippine Dealing and Exchange Corp. (PDEx) on July 29.

The proceeds of the fund raising activity that is part of the bank’s P20 billion bond program would be used to manage the bank’s net interest margin by matching long-term assets with long-term funding to reduce interest rate risk, to diversify funding sources, and for general corporate purposes.

It has appointed ING Bank N.V., Manila Branch (ING) and Philippine Commercial Capital Inc (PCCI) as joint lead arrangers and joint bookrunners, while Bank of Commerce is also acting as a selling agent.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

Read More ...