By Marisa Wong
Madison, Wis., Nov. 6 - Rizal Commercial Banking Corp. said it raised PHP 5 billion from its offering of long-term negotiable certificates of deposit. The securities will be issued on Nov. 14, according to a Philippines Stock Exchange notice.
Rizal began its offer on Oct. 17 for up to PHP 5 billion of long-term negotiable CDs in two series. The offer period closed on Nov. 8, extended from Oct. 31 due to public holidays, as previously announced.
The indicative interest rate for the fixed-rate series A CDs is 3¼%, and the indicative interest rate for the zero-coupon series B CDs is 3½%.
Both series will have a tenor of five years and six months.
HSBC was the arranger for the offer and a selling agent alongside Rizal.
The Bangko Sentral ng Pilipinas approved Rizal's application to issue the long-term negotiable CDs in September, as previously announced.
The Makati City, Philippines-based bank plans to use proceeds to expand its long-term deposit base, to support long-term asset growth and for other general funding purposes.
| Issuer: | Rizal Commercial Banking Corp.
|
| Issue: | Long-term negotiable certificates of deposit
|
| Amount: | PHP 5 billion
|
| Maturity: | Five years and six months
|
| Coupon: | 3¼% for series A, 3½% for series B
|
| Arranger: | HSBC
|
| Offer period: | Oct. 17 to Nov. 8
|
| Settlement date: | Nov. 14
|
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