RCBC plans PhP3.0 billion fixed rate bond issuance

Rizal Commercial Banking Corporation (RCBC) is planning to issue up to PhP3.0 billion in fixed-rate bonds under the bank’s PhP100-billion bond and commercial paper program.

As per a statement released December 31, 2021, RCBC intends to use the proceeds from the issuance to support asset growth, re-finance maturing liabilities, and supplement other general funding purposes.

The planned issuance is RCBC’s seventh in the peso bond market. The bank previously offered up to PhP3.0 billion in dual-tenor fixed-rate ASEAN sustainability bonds last March 2021 which saw demand of up to PhP17.9 billion or 5.9 times the original target issue size. The issuance was comprised of 2.5- and 5.25-year maturities issued at a fixed rate of 3.2% and 4.18% respectively.

Prior to the bank’s issuance last March, it had managed to sell over PhP15.0 billion in ASEAN green bonds, PhP8.0 billion in ASEAN sustainability bonds, and over PhP31.2 billion from other prior bond offerings.

RCBC, originally incorporated on September 23, 1960 as Rizal Development Bank, offers a wide range of traditional banking, investment banking, retail financing, and other financial services.