BankCom's peso bonds pull $276M, triple the target
What's the deal? Bank of Commerce (BankCom)Dealroom has a profile for this one. Try Dealroom →, the Philippine lender backed by San Miguel Corp.Dealroom has a profile for this one. Try Dealroom →, raised US$339.8M from an oversubscribed bond sale, more than triple its initial US$0.1-billion target. The issue priced in November 2026.
The details: The sale was the fourth tranche under BankCom's US$1.56-billion bond program. It paired 1.5-year Series E bonds due 2028 at a 6.9882% coupon with three-year Series F bonds due 2029 at 7.6563%, both paying interest quarterly. The bonds listed on the Philippine Dealing & Exchange Corp. (PDEx) on November 11.
Who ran it: ING Bank Manila, PCCI CapitalDealroom has a profile for this one. Try Dealroom →, Security Bank Capital, and Standard Chartered acted as joint lead arrangers and bookrunners.
What's the endgame? BankCom said proceeds will fund balance sheet management, funding diversification, and general corporate purposes. The bank has posted record earnings each year since its 2022 listing, with first-half 2026 net income up 13% to US$41.2M.
Why now? The result stands out against a tougher rate backdrop. In November, the central bank raised its policy rate to 5.5%, and the Treasury's long-dated auction drew weak demand as yields climbed.
The signal: Strong demand for BankCom's paper continues a pattern — its January 2025 issue raised US$351.1M, 3.6 times its minimum. But heavy appetite for one bank's offering does not by itself confirm a broader revival in Philippine bond demand.
Read more: bankero.com.ph
Image credit: shankar s.
