Rizal Commercial Banking Corp., the 10th largest lender in terms of assets, started on Tuesday the offering period for its P5-billion Asean sustainability bonds, the first issuance of such kind from the Philippines under the Asean Sustainability Bond Standards 2018.
The bank said in a disclosure to the stock exchange Wednesday it had set the coupon rate for the bonds—with a tenor of two years—at 6.15 percent yearly.
The public offering period will last until May 28, 2019, unless such date is adjusted by RCBC in its sole discretion. The bonds will be listed on PDEx on or around June 4, 2019.
RCBC tapped ING Bank Manila branch as sole arranger for the issuance and sustainable structuring advisor for its sustainable finance framework.
RCBC senior executive vice president and treasurer Horacio Cebrero III said the bank was pioneering another first in the Philippine capital markets after its issuance of green bonds earlier this year.
“Proceeds from the Asean sustainability bond will go towards strengthening RCBC’s commitment to the sustainable initiatives of its customers,” he said.