RCB Lists 16.6 Billion Series B Bonds on PDExPosted on: July 27, 2020
27 July 2020, Makati, Philippines — Rizal Commercial Banking Corporation (RCB) lists its PHP 16.6 Billion Series B Bonds Due 2022 on the Philippine Dealing & Exchange Corp. (PDEx). The 2-year Peso Fixed Rate bond, which carries an interest rate of 3.25% per annum to be paid on a quarterly basis and forms part of RCB’s PHP 100 Billion Bond and Commercial Paper Program, were oversubscribed from the initial offering of PHP 3 Billion.
PDEx President and Chief Operating Officer Antonino A. Nakpil said, “We are pleased to welcome Rizal Commercial Banking Corporation back to list this PHP 16.6 Billon Series B Bonds, a listing that will officially take us over the PHP 1.5 Trillion halfway milestone for listed bonds outstanding.
“As we have noted in the past two listings, this issuance, apart from happening alongside a mammoth Retail Treasury Bond offering, climbing higher into record territory, is among a batch of private debt issues over the past four weeks reaching 115 Billion today, which incidentally is 132 days into community quarantine. This just tells us two things: one, it reveals just how much investment liquidity is present, and two, it indicates the resilient investor demand and confidence for RCBC issues,” added Mr. Nakpil.
On behalf of RCB, President and CEO Eugene S. Acevedo remarked: “Today marks another milestone for RCBC as we list our Php16.6 Billion 2-year Peso Fixed Rate Bond yielding 3.25% per annum on the Philippine Dealing & Exchange Corporation. In the midst of challenging times and competing issuances, investors responded positively to RCBC’s peso bond offering. This is clearly a strong indication of continued investor’s confidence and supporting our institution,” said Mr. Acevedo.
ING Bank N.V., Manila Branch Managing Director and Country Head Hans B. Sicat also shared a few words as the Sole Lead Arranger and Bookrunner, and one of the issuance’s Selling Agents and Market Makers.
“The fact that RCBC can attract an oversubscription during an unprecedented global crisis speaks volumes of the strength of the bank and the investment opportunity investors cannot pass up. We hope to be your consistent partner and we wish everyone continuing success,” said Mr. Sicat.
This 22nd listing for 2020 brings the year-to-date total of new listings to PHP 270.45 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.51 Trillion issued by 56 companies, comprising 204 securities.