By Marisa Wong
Madison, Wis., June 19 – Rizal Commercial Banking Corp. said it closed the public offer period for its Basel III-compliant subordinated tier 2 notes early. The offer was originally set to run until June 20.
The company said that the demand for the tier 2 notes exceeded its target of PHP 5 billion, so it decided to issue PHP 7 billion of the notes.
The tier 2 notes carry a coupon of 5 3/8%.
As noted before, the 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 was the arranger and bookrunner and a selling agent along with Multinational Investment Bancorp. Rizal was also a limited selling agent.
The issue date has been 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 Makati City, Philippines-based bank began the offering on June 9.
| Issuer: | Rizal Commercial Banking Corp.
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| Issue: | Basel III-compliant subordinated tier 2 notes
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| Amount: | PHP 7 billion
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| Maturity: | 10 years and three months
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| Coupon: | 5 3/8%
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| Call option: | After five years and three months
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| Bookrunner: | Deutsche Bank AG, Manila branch
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| Offer launch date: June 9
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| Announcement date: | June 19
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| Settlement date: | June 27
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