By Marisa Wong
Los Angeles, April 7 – Rizal Commercial Banking Corp. announced it completed its issue of PHP 7,054,300,000 of 4.848% two-year fixed-rate bonds.
The deal was more than twice oversubscribed. Rizal had initially planned to issue PHP 3 billion of the bonds.
As previously announced, Rizal shortened the public offer period. The offer began on March 23 and ended on March 25, moved up from March 27.
The bank had 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 prior company press release.
The bank said at the time that the decision was in line with its “commitment to restore normalization in the capital markets and support business activity despite current execution challenges.”
The Hongkong and Shanghai Banking Corp. Ltd. acted as 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.
The bonds form part of the bank’s PHP 100 billion bond and commercial paper program. They follow the bank’s PHP 15 billion of Asean green bonds issue in February 2019, PHP 8 billion Asean sustainability bonds issued in June 2019 and PHP 7.5 billion of bonds sold in November.
Rizal is based in Makati City, Philippines.
| Issuer: | Rizal Commercial Banking Corp.
|
| Issue: | Fixed-rate bonds
|
| Amount: | PHP 7,054,300,000
|
| Maturity: | April 2022
|
| Bookrunner: | Hongkong and Shanghai Banking Corp. Ltd.
|
| Coupon: | 4.848%
|
| Offer period: | March 23-March 25
|
| Settlement date: | April 7
|
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