RCBC eyes P3B from bond issuance
Credit to Author: Mayvelin U. Caraballo, TMT| Date: Tue, 29 Oct 2019 17:18:09 +0000
LISTED Rizal Commercial Banking Corp. (RCBC) is looking to generate a minimum of P3 billion in fresh funds from its offer of fixed-rate bonds. In a disclosure on Monday, the Yuchengco-led lender said the three-year bond would be offered at a fixed interest rate of 4.426 percent per annum. The issuance will be the third drawdown off its P100-billion bond and commercial paper program, which is an increase from the initial size of P30 billion. “The increase is part of the bank’s strategic liquidity management, which will extend the duration of the bank’s liabilities and further strengthen its regulatory liquidity ratios,” RCBC explained. The public offering for the bonds began on October 28 and will run until November 6. These will be listed on the Philippine Dealing and Exchange Corp. on November 13. RCBC shares fell by 10 centavos or 0.39 percent to close at P25.80 each on Tuesday.