Yuchengco-led Rizal Commercial Banking Corporation (RCBC) reported that its 2.5-year and 5.25-year Fixed-Rate ASEAN Sustainability Peso Bond offering was 5.9 times oversubscribed–allowing them to raise P17.87 billion from the  P3 billion target.

In a disclosure to the Philippine Stock Exchange, the bank said that the offer is part of its P100 billion Bond and Commercial Paper Programme. 

The Bonds offered will be issued at a fixed coupon of 3.20 percent per annum for the 2.5-year tenor and 4.18 percent per annum for the 5.25-year and is expected to be listed on the Philippine Dealing and Exchange Corporation on March 31, 2021. 

RCBC’s sixth foray into the peso bond market was met with strong demand from investors, allowing the bank to surpass its initial target size of P3 Billion with orderbooks more than 5.9 times oversubscribed.=

Proceeds from the offering will be used to support the Bank’s asset growth, re-finance maturing liabilities, other general funding purposes as well as eligible loans defined in the Bank’s Sustainable Finance Framework. 

Standard Chartered Bank, Philippine Branch has been mandated as the Sole Lead Arranger and Bookrunner together with RCBC Capital Corporation as the Financial Advisor for this issuance of Bonds. The Selling Agents for the Bonds are SCB and RCBC. 

Despite the challenges brought about by the COVID-19 pandemic, RCBC said it remains committed to restore normalization in the capital markets and support business activity. 


Source: Manila Bulletin (https://mb.com.ph/2021/03/23/rcbcs-asean-bonds-5-9x-oversubscribed/?utm_source=rss&utm_medium=rss&utm_campaign=rcbcs-asean-bonds-5-9x-oversubscribed)