Rizal Commercial Banking Corp. (RCBC) is returning to the offshore bond market as it plans to draw down from its $4-billion medium term note program.
“This is to advise the exchange that Rizal Commercial Banking Corp. intends to offer a benchmark-sized US$ Senior Sustainability notes,” the bank said in a disclosure to the stock exchange Monday.
RCBC has yet to disclose the details of the bond issuance including the size of the offering, maturity date and yield.
The bank said it mandated ING N.V. Singapore Branch, Morgan Stanley & Co. International plc and SMBC Nikko Securities (Hong Kong) Limited as joint book runners for the offering.
It also scheduled an investor call for fixed-income investors on Monday for the planned fund-raising activity.
The US Federal Reserve is set to meet later this month for its policy meeting.
Meanwhile, the lender in 2024 increased the size of its medium-term bond program to $4 billion from $3 billion previously.
RCBC raised $400 million from the sale of debt papers in January 2024 to finance and refinance its consumer loans and its operating activities for eligible green and social categories.
The five-year senior unsecured sustainability notes were offered with a coupon rate of 5.5 percent per annum.
RCBC’s net income fell 31 percent to P6.2 billion in the first nine months of 2024 on the back of higher expenses.
Core net income, however, increased by 28 percent due to an 11 percent expansion of loans and general improvement in yields.
RCBC’s consolidated network totaled 463 branches and 1,482 automated teller machines across the country, while its assets stood at P1.3 trillion as of end-September 2024.
