By Marisa Wong
Los Angeles, July 29 – San Miguel Corp. affiliate Bank of Commerce has listed its maiden issuance of PHP 7.5 billion of 5.0263% two-year series A bonds on the Philippine Dealing & Exchange Corp., according to a Friday press release.
The order book exceeded the target issue size by more than three times. As a result, the issuer increased the deal size to PHP 7.5 billion from the original PHP 3 billion and ended the offer period 10 days ahead of schedule.
The offer period began on July 11 and ended on July 12 instead of July 22 due to the overwhelming demand from institutional and retail investors, as previously announced.
The bonds were issued under the bank’s PHP 20 billion bond program.
ING Bank NV, Manila Branch and Philippine Commercial Capital, Inc. (PCCI) were the joint lead arrangers and joint bookrunners.
Bank of Commerce also acted 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.
| Issuer: | Bank of Commerce
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| Amount: | PHP 7.5 billion
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| Issue: | Bonds, series A
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| Term: | Two years
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| Bookrunners: | ING Bank NV, Manila Branch and Philippine Commercial Capital, Inc.
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| Coupon: | 5.0263%
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| Offer period: | July 11-July 12
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| Listing date: | July 29
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| Listing: | Philippines
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