RIZAL COMMERCIAL Banking Corp. (RCBC) is looking to return to the offshore debt market with an offering of benchmark-sized dollar-denominated sustainability notes.
The senior unsecured notes will be issued out of RCBC’s $4-billion medium-term note (MTN) program and under its Sustainable Finance Framework, the Yuchengco-led bank said in a disclosure to the stock exchange.
The bank has prepared an offering circular dated Dec. 20 filed with the Singapore Exchange Securities Trading Ltd., it added.
“In relation to the marketing of the proposed drawdown, fixed-income investors call(s) are scheduled for Jan. 20, 2025,” RCBC said.
The bank has appointed ING Bank N.V.-Singapore Branch, Morgan Stanley & Co. International plc and SMBC Nikko Securities (Hong Kong) Ltd. as the joint bookrunners for the offering.
Allen Overy Shearman Sterling LLP was appointed as international legal counsel, while Romulo Mabanta Buenaventura Sayoc & de los Angeles is the domestic legal counsel. P&A Grant Thornton was also tapped as the auditor for the offer.
RCBC in October upsized its MTN program from $3 billion. Its last issuance under its offshore fundraising program was made in January 2024, when it raised $400 million from an offering of five-year senior unsecured sustainability notes. That issue marked RCBC’s return to the overseas debt market after over three years.
RCBC Chief Executive Officer Eugene S. Acevedo in November said the bank is looking to tap both the offshore and domestic debt markets on a regular basis as part of their new funding strategy to maintain a steady supply of papers.
The bank’s net income decreased by 37.01% to P1.77 billion in the third quarter of 2024. This brought its net profit for the first nine months of 2024 to P6.22 billion, 31.12% lower year on year.
RCBC’s shares dropped by 15 centavos or 0.62% to end at P24.05 apiece on Monday. — A.M.C. Sy
