RCBC Raises P16.6B in Fixed Rate Bond Offering

Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has successfully listed today, July 27, 2020, its PHP16,616,410,000 Fixed Rate Series B Bonds on the Philippine Dealing and Exchange Corporation (PDEx). The Bonds carry a coupon of 3.25% per annum and matures in July 2022.

Strong demand from investors resulted in an order book more than five times its announced minimum issue size of PHP 3 billion. RCBC concluded its offering on 15 July 2020, earlier than the original public offer end date of 17 July 2020. Proceeds from the offering will be used to support the Bank’s asset growth, re-finance maturing liabilities, and fund other general purposes.

“This puts us in a much stronger position to accelerate the growth of the bank and boost our financial services for wider availability,” RCBC Senior Executive Vice President and Treasurer Horacio E. Cebrero III said.

The Bonds form part of RCBC’s PHP100 Billion Bond and Commercial Paper Programme which marks the fifth time that the Bank has tapped the Peso bond market. This brings the total amount raised from all bonds issuances since 2019 to PHP54.17 Billion, a record amount for the Bank demonstrating investors’ confidence in the various initiatives RCBC has taken to fuel its growth and support the fixed income capital market.

ING Bank N.V., Manila Branch (ING) was the Sole Lead Arranger and Bookrunner together with RCBC Capital Corporation (RCBC Capital) as the Financial Advisor for the offering, while ING and RCBC were the Selling Agents.

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