RCBC Lists PhP 2.502 Billion LTNCTD Due 2023 in PDExPosted on: August 11, 2017
11 August 2017, Makati Philippines – Rizal Commercial Banking Corporation (RCBC) returned to the local debt market a ninth time to list its PhP 2.502 Billion Long-Term Negotiable Certificates of Time Deposit (LTNCTD) due 2023 on the Philippine Dealing & Exchange Corp. (PDEx) platform. The newly listed RCBC LTNCTD carry an interest rate of 3.750% per annum payable quarterly. The purpose of the issuance of the RCBC LTNCD is to expand the Bank’s long-term deposit base and support long-term asset growth and other general funding purposes.
RCBC’s Senior Executive Vice President and Head of Financial Advisory and Markets Group (Treasury Group and Wealth Management Group) Chester (Chet) Luy led the ringing of the bell to herald the listing and start of trading of the RCBC LTNCTD due 2023 on the PDEx platform. He said, “This LTNCD issuance is consistent with our strategy of opportunistically accessing the capital markets with low cost of funding being our primary objective. Moving forward, we will continue to explore LTNCDs and alternative low cost funding options. RCBC has one of the most diversified sources of funding among its peers, having accessed the USD loan syndications market, the USD senior unsecured bond and hybrid Tier 1 notes market as well as the Tier 2 notes market in addition to the LTNCD market of which RCBC is a pioneer, being the second bank to be listed as an issuer since the public market opened in 2008. We are grateful to our depositors and clients for showing their support by subscribing to our LTNCD issue, recognizing RCBC’s bright future and growth prospects moving forward.”
PDS Group President and CEO Cesar Crisol remarked: “For the year, RCBC is the seventh bank to tap the local debt market and with more bank-issued instruments being listed for public trading, we hope to see the continued development of bank depositors’ mindsets, evolving from short-term savers to longer-term investors, cognizant of a variety of investment alternatives, supported by price information to reasonably assess and make such investment commitments.”
The event was attended by RCBC Officers led by Senior Executive Vice President and Head of Financial Advisory and Markets Group (Treasury Group and Wealth Management Group) Chester (Chet) Luy and the Issue Participants including The Hongkong & Shanghai Banking Corporation President and CEO Jose Arnulfo Veloso and Multinational Investment Bancorporation President Marilou Cristobal.
With this 22nd listing for 2017, RCBC’s total listed level on PDEx stands at PhP 9.602 Billion, and the year-to-date total of new listings is up to PhP 142.71 Billion, a 154% increase from the same period last year. The cumulative level of tradable corporate debt instruments in PDEx now stands at P743.42 billion comprised of 46 companies with 127 securities. #