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RCBC Lists PhP 3.58 Billion LTNCTD Due 2024 on PDEx
Posted on: October 2, 2018
28 September 2018, Makati Philippines – The local debt market marked the end of the third quarter of 2018 by welcoming Rizal Commercial Banking Corporation (RCBC) back to the podium for the listing of its PhP 3.58 Billion 5.1/2-year Long-Term Negotiable Certificates of Time Deposit (LTNCTD), the first tranche of its P20-Billion LTNCTD program.
RCBC is the seventh bank to join the ranks of the returning Issuers in PDEx, perpetuating a virtuous cycle of issuing instruments to their increasingly brand-loyal investors.
“This is a trend that we are working to reinforce as we strive ever closer toward SEC approval of the guidelines for Bank-Issued Bonds, which as currently drafted, may well facilitate the shortest cycles from deal conception to primary issuance,” said PDEx President and COO Antonino A. Nakpil.
This regular return of bank issuers provides more instruments for investors, whose market-related transactions now make up 67% of traded volume in the PDEx secondary market.
For this 16th listing for 2018, the year to date face amount of new listings stands at PhP 124.50 Billion, and the total outstanding amount of listed bonds at PhP 916.38 Billion.
RCBC Senior Executive Vice President John Thomas G. Deveras remarked: “This LTNCTD will provide us a competitive long-term funding base that will support our growth objectives. It will provide us an avenue for liquidity and market access especially for small investors. The proceeds of this tranche, and those of succeeding tranches, will likewise help us expand our lending activities, most especially to the small and medium businesses.”
RCBC Officers attended the event including Senior Vice President Jose Maria P. Borromeo, Senior Vice President Maria Teresa C. Velasco, Senior Vice President Steven T. Reyes, Senior Vice President Ismael S. Reyes, First Senior Vice President Alberto N. Pedrosa, First Vice President Francisco G. Singian, Jr., First Vice President Maricel Elena M. Peralejo, Vice President Don A. Tamayo and Manager Robby Carlo J. Gaerlan. The Hongkong and Shanghai Banking Corporation Limited, the issue’s Sole Lead Arranger, Sole Bookrunner, and Selling Agent, was also present represented by the Head of Debt Capital Markets, Corazon D. Purisima. #