By Marisa Wong
Los Angeles, July 16 – Rizal Commercial Banking Corp. said it raised about PHP 16.6 billion from its offering of 3¼% two-year bonds.
Rizal closed the bond offering on July 15, ahead of its original public offer end date of July 17, due to overwhelming investor demand. Orders totaled more than five times the initially announced issue size of PHP 3 billion, according to a company announcement.
ING Bank NV, Manila Branch is the lead arranger and bookrunner and a selling agent alongside RCBC Capital Corp.
The bonds will form part of the bank’s PHP 100 billion bond and commercial paper program established in March. This will be the fifth tranche under the program, drawing from the remaining unissued amount of PHP 62.45 billion, according to a prior press release.
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.
| Issuer: | Rizal Commercial Banking Corp.
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| Issue: | Bonds, fifth tranche
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| Amount: | PHP 16.6 billion
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| Maturity: | Two years
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| Bookrunner: | ING Bank NV, Manila Branch
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| Coupon: | 3¼%
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| Offer period: | July 6-July 15
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| Listing date: | July 27
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| Listing: | Philippine Stock Exchange
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