RIZAL Commercial Banking Corp. (RCBC) is accessing the domestic bond markets again with its planned two-year peso fixed rate bond offering.
The bonds will form part of the bank’s P100 billion bond and commercial paper program, with remaining unissued balance of P69.5 billion. RCBC has mandated both The Hongkong and Shanghai Banking Corp. Ltd. and RCBC Capital Corp. as joint arrangers to establish the program documentation, which was established on March 17, 2020.
The bonds will be offered with a minimum issue size of P3 billion, with an option to upsize. The bonds were priced on March 20 and will be offered at a fixed interest rate of 4.848 percent per annum. The funds raised from the bonds offer will be utilized to support asset growth, re-finance maturing liabilities, and other general funding purposes.
The public offering commenced on March 23 and will run until March 27, which may be shortened or extended by the bank in consultation with the sole lead arranger and the financial advisor. It is expected that, subject to market and other conditions, issuance, settlement and listing on the Philippine Dealing and Exchange Corp. will be on April 7. (PR)