The Philippine Bank of Communications (PBCOM) said Monday it expects to raise P2 billion with an oversubscription option in its first peso bond offering.
The bond is part of PBCOM’s P15-billion bond program, the bank said in a stock exchange filing.
The Series A Bonds will have a term of one and a half years and a fixed interest rate of 6.0796 percent per annum. The public offering will run from Oct. 14 to Oct. 28, 2024.
The bonds are expected to be issued and listed on the Philippine Dealing & Exchange Corporation (PDEx) on Nov. 5, 2024.
The bank said it would use the proceeds from the bond issuance for general corporate purposes, including refinancing debt, diversifying funding sources and supporting loan growth.
PBCOM is a universal bank recognized in Forbes Asia’s “Best Under a Billion” list for 2024. This highlights the top 200 small and mid-sized firms in the Asia Pacific with annual sales under $1 billion. PBCOM was one of only three companies from the Philippines to be included in the list.
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