Philippines’ Rizal begins public offering of 10-year tier 2 notes

By Marisa Wong

Madison, Wis., June 9 – Rizal Commercial Banking Corp. said it began a public offering of Basel III-compliant subordinated tier 2 notes on Monday.

The tier 2 notes will have a tenor of 10 years and three months and will be callable after five years and three months.

Deutsche Bank AG, Manila branch is the arranger and bookrunner and a selling agent along with Multinational Investment Bancorp. Rizal is also a limited selling agent.

The offer will run until June 20, with the issue date set for June 27.

The bank said the issue will strengthen its capital base and capital adequacy ratio, support asset growth and expand its long-term funding base.

The bank is based in Makati City, Philippines.

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