RCBC set to issue dollar-denominated senior notes

Yuchengco-led lender Rizal Commercial Banking Corp. is set to issue US$ senior notes. RCBC told the Philippine Stock Exchange on Tuesday that the notes would be listed on the Singapore Stock Exchange and would be used "for general banking and relending purposes". The notes would have a term of five years and one day. Standard Chartered Bank would be the issue lead manager. In December, RCBC had issued the first tranche of its P3.85 billion in fixed rate and zero coupon Long Term Negotiable Certificates of Time Deposit. The proceeds of the LTNCD would be used by the bank to expand its long-term deposit base and support long-term asset growth. Of the amount, P2.033 billion were from fixed rate and P1.817 billion were from zero coupon LTNCDs. The LTNCDs would mature in June 2017. Deutsche Bank AG, Manila Branch and ING Bank N.V., Manila Branch acted as the joint lead arrangers and selling agents for the transaction. Multinational Investment Bancorporation was also appointed as additional selling agent and market maker. In September, RCBC said its board approved the merger of Merchants Savings and Loan Association Inc., under the name Rizal Microbank-A Thrift Bank and President J.P. Laurel Rural Bank Inc. Merchants Savings is based in Tanauan City in Batangas, while Rizal Micro Bank handles the bank's business in Southern Mindanao. - CMA/OMG, GMA News