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RIZAL COMMERCIAL Banking Corp. (RCBC) has closed its providing of dual-tenor fixed-rate ASEAN sustainability bonds, with the proceeds for use for common funding functions and for financing eligible initiatives below its sustainable finance framework.
Demand for the peso-denominated papers reached P17.87 billion as of Friday, greater than 5.9 occasions as a lot as RCBC’s preliminary goal situation measurement of P3 billion, the financial institution mentioned in a filing with the native bourse on Monday.
The two.5- and 5.25-year securities can be issued at a fixed price of three.2% and 4.18%, respectively.
“Proceeds from the providing can be used to help the financial institution’s asset progress, refinance maturing liabilities, different common funding functions in addition to eligible loans defined within the financial institution’s Sustainable Finance Framework,” RCBC mentioned.
The debt papers had been offered from March 12 to March 19. They’re anticipated to be listed on the Philippine Dealing and Trade Corp. on March 31.
The sustainability bonds are a part of RCBC’s P100-billion bond and business paper program. The papers additionally marked the financial institution’s sixth foray into the peso bond market.
Commonplace Chartered Financial institution served as the only real lead arranger and bookrunner for the transaction whereas RCBC Capital Corp. was the financial advisor for the bond issuance. Each events had been promoting brokers for the papers.
RCBC earlier offered P15 billion in ASEAN inexperienced bonds, P8 billion in ASEAN sustainability bonds, and a cumulative P31.15 billion from different bond offerings.
The financial institution’s web earnings decreased by 7% to P5 billion in 2020 from P5.388 billion in 2019 because of greater mortgage loss reserves amid the disaster.
RCBC shares closed at P17.50 apiece on Monday, inching up by 40 centavos or by 2.34% from the day before today. — L.W.T. Noble
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