RCBC raises $300M from 5-year debt notes

Rizal Commercial Banking Corp. (RCBC) said Friday it was able to raise $300 million from the issuance of five-year debt notes.

The offering followed investors call and roadshows in Singapore and Hong Kong from March 6 to 7, the bank said in a regulatory filing submitted by corporate planning head Christina Alvarez.

During a press briefing in Makati City, RCBC head of Treasury Chester Luy said the debt notes carry a 4.5-percent interest per year.

The issuance is part of the bank’s $2-billion medium-term note program.

“The order book was strongly supported by a broad case of accounts, including asset managers, insurance companies, sovereign wealth funds, banks and private wealth managers,” the bank said.

RCBC said the notes will be listed on the Singapore Exchange Securities Trading Ltd., similar to the bank’s two outstanding US dollar-denominated bonds.

Maturing on March 16, 2023, the notes were issued in denominations of $200,000 and increments of $1,000.

Luy said RCBC will use the proceeds from the debt to support and finance medium- to long-term asset growth and other general corporate purposes.

Around 97 percent of the issuance was allocated to investors in the Philippines and Asia.

RCBC tapped Cathay United Bank, Citigroup, Deutsche Bank, Standard Chartered Bank, UBS, and Wells Fargo Securities as joint lead managers and joint bookrunners. —VDS, GMA News