Philippines’ Rizal shortens offer period for 4.848% two-year bonds

By Marisa Wong

Los Angeles, March 25 – Rizal Commercial Banking Corp. said it has decided to shorten the public offer period for its 4.848% two-year bonds.

The offer period, which began on March 23, will now end on March 25 instead of March 27.

The bank decided to shorten the offer period to allow for sufficient time to submit required documentation given logistical challenges related to the Covid-19 enhanced community quarantine, according to a company press release.

The bank said the decision is in line with its “commitment to restore normalization in the capital markets and support business activity despite current execution challenges.”

The offering was met with strong demand from investors, allowing the bank to raise more than its target size of PHP 3 billion.

The issue date has been set for April 7.

The Hongkong and Shanghai Banking Corp. Ltd. is the lead arranger and bookrunner and a selling agent alongside RCBC Capital Corp.

Proceeds will be used to support the bank’s asset growth, refinance maturing liabilities and fund other general purposes.

Rizal is based in Makati City, Philippines.

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