BoC begins P5-b bond public offer

Bank of Commerce , the banking arm of conglomerate San Miguel Corp., said Tuesday it launched its P5-billion fixed-rate bond offering with an oversubscription option.

The latest bond offering has a tenor of 1.5 years and a fixed interest rate of 6.5635 percent per annum. The Series B bonds will be issued and listed on the Philippine Dealing & Exchange Corp. on May 16, 2024.BoC said it would use the net proceeds from the fund-raising activity to refinance maturing debt obligations.

The bank’s return on equity stood at 9.52 percent at the end of 2023, marking an improvement from the previous year’s 7.01 percent.

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