Rizal Commercial Banking Corp., the Philippines’ sixth-largest bank by assets, on Tuesday set the terms of the benchmark-sized US dollar-denominated senior unsecured sustainability notes it plans to issue on 28 January.
The 5-year bond, drawn under RCBC’s USD4 billion medium-term note program, will be priced later Tuesday based on an initial price guidance of plus 145 basis points over 5-year US Treasury, which is currently at 4.42 percent.
A benchmark-size bond has a minimum amount of USD500 million.
The bond will support the expansion of RCBC’s Sustainable Finance Framework. The bank will use the bond proceeds to lend for projects that will have a meaningful impact on both the environment and local communities.y
RCBC, the banking arm of the Yuchengco Group, has already prepared an offering circular for the bond issuance, which was filed with the Singapore Exchange Securities Trading Ltd. last month.
RCBC has mandated ING Bank NV Singapore Branch, Morgan Stanley & Co. International Plc, and SMBC Nikko Securities (Hong Kong) Ltd. as joint bookrunners for the bond issuance.
