Philippine Bank of Communications Shortens Offer Period for Maiden Peso Bond Issue Amid Strong Investor Demand

Philippine Bank of Communications (PBCOM) has successfully concluded its maiden Peso bond offering ahead of schedule, closing more than a week early due to robust investor demand. Initially set to run from October 14 to October 28, the offering attracted strong interest from both retail clients and a diverse mix of institutional investors.

The Series A bonds which have a tenor of one-and-a-half years and a fixed interest rate of 6.0796% per annum, represent the first tranche under PBCOM’s PhP15 Billion Peso Bond Programme. The Bonds are scheduled to be issued and listed on the Philippine Dealing & Exchange Corporation (PDEx) on 05 November 2024.

Proceeds from the Bond issuance will be utilized for general corporate purposes, including refinancing debt obligations, diversifying funding sources and supporting loan growth.

ING Bank N.V. Manila Branch (ING) served as the Sole Arranger and Bookrunner, with both PBCOM and ING acting as selling agents.

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.