Rizal Commercial Banking Corp., the country’s sixth-largest bank by assets, said on Wednesday it successfully priced a 5-year bond that will raise USD350 million, marking its return to the international USD-denominated debt market.
RCBC set the coupon at 5.375 percent on the bond due 29 January 2030. The bond will be drawn under RCBC’s USD4 billion medium-term note program and will support the expansion of eligible green and social categories under the bank’s Sustainable Finance Framework.
The banking arm of the Yuchengco Group said the bond offer drew “strong interest from a wide range of high quality Asian and European investors,” allowing it to price the debt notes at 114 basis points over 5-year U.S. treasuries—a tighter spread over the initial price guidance of 145 basis points.
The order book reached USD1 billion, which meant the RCBC bond offer was 2.9 times oversubscribed.
ING Bank NV Singapore Branch, Morgan Stanley & Co. International Plc, and SMBC Nikko Securities (Hong Kong) Ltd. were engaged by RCBC as joint bookrunners for the bond issuance.
