Bank of Commerce bond issue more than 3x oversubscribed

San Miguel Corp.’s banking arm raised P7.5 billion from a well-received debt offering that will boost its loan activities.

Demand for Bank of Commerce’s two-year Series A bonds, which carried a coupon of 5.0263 percent per annum, reached more than three times the original target issue size. This prompted the bank to close the offering 10 days ahead of schedule.

“The overwhelming response from both institutional and retail investors on our first ever peso bond issuance underscores the market’s confidence in BankCom’s performance and our growth potential,” said its bank president and CEO Michelangelo R. Aguilar, president and CEO.

Proceeds from the bond issue will be used to match long-term assets with long-term funding to reduce the bank’s interest rate risk.

“Diversifying our sources of funding will provide stability to propel loan growth in the corporate, SME and consumer sectors and effectively manage our net interest margin,” Aguilar said.

As of the end of March, BankCom’s total assets stood at P206.38 billion or an increase of 5.63 percent while its

loans and receivables grew 16.29 percent to P84.67 billion.

Armed client holds bank staff hostage to access savings

An armed customer threatening to set himself ablaze held bank workers hostage throughout the day Thursday in Lebanon’s capital, demanding to withdraw his trapped savings to pay hospital fees, security sources and a family member said.

US inflation eases in July amid falling oil prices

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