Philippine Bank of Communications (PBCOM) Announces its P2.0 Billion Maiden Peso Bond Offering

Philippine Bank of Communications (PBCOM) announces the public offering of its maiden peso bond issuance, with an initial size of P2.0 billion with an oversubscription option (Series A Bonds).

The Series A Bonds, to be issued under PBCOM’s P15.0 billion Bond Program, will have a tenor of one-and-a-half years and a fixed interest rate of 6.0796% per annum. The public offer period will run from 14 October 2024 to 28 October 2024, subject to any adjustments as may be imposed. The Series A bonds is expected to be issued and listed on the Philippine Dealing & Exchange Corporation (PDEx) on 05 November 2024. Proceeds from this bond issuance will be utilized for general corporate purposes, including refinancing debt obligations, diversifying funding sources and supporting loan growth.

PBCOM, a universal bank with a proven track record of stability and strength; was recently recognized as one of Forbes Asia’s “Best Under a Billion” list for 2024. This prestigious list distinguishes the 200 top-performing small and mid-sized listed firms in the Asia Pacific with annual sales below USD 1.0 billion. PBCOM was one of only three Philippine-based companies to make the list.

As of June 2024, PBCOM’s total assets reached P148.7 billion, a 12.2% increase compared to the same period in 2023. Loans and Receivables also saw double-digit growth, reaching P90.0 billion compared to same period in 2023. PBCOM’s capital position remains solid, with Capital Adequacy and CET 1 ratios at 16.39% and 14.14%, respectively; all above the regulatory minimum for a universal bank.

PBCOM has appointed ING Bank N.V. Manila Branch (“ING”) as the Sole Arranger and Bookrunner, with both PBCOM and ING serving as the selling agents. PBCOM also appointed The Development Bank of the Philippines – Trust Banking Group as the Trustee.