MANILA, Philippines — The Philippine Bank of Communications (PBCom) has cut short the offer period for its maiden bond issuance amid strong investor interest.
In a regulatory filing, PBCom said it has concluded its first peso bond offering 10 days ahead of the original schedule.
The bank started the offering this week and should have lasted until Oct. 28.
PBCom said this was due to robust investor demand from both retail clients and a diverse mix of institutional investors.
The 1.5-year Series A bonds have a fixed interest rate of 6.0796 percent and are the first tranche under the bank’s P15-billion bond program.
The bonds will be issued and listed on the Philippine Dealing and Exchange Corp. on Nov. 5.
Proceeds from the bond issuance will be used for general corporate purposes including refinancing debt obligations, diversifying funding sources and supporting loan growth.
ING Bank served as the sole arranger and bookrunner with both PBCom and ING acting as selling agents.
As of the first half, PBCom posted a net income of P1.03 billion, up almost three percent. Its total assets rose by 12.2 percent to P148.7 billion.