Robinsons Bank Corp., the financial services arm of JG Summit Group of companies, started offering P2.5 billion in peso-denominated bonds, with an oversubscription option of P2.5 billion.
The bank plans to use the proceeds from the issuance to support lending activities and diversify funding sources.
The two-year bond issuance has an indicative rate of 2-year BVAL rate plus 40 to 80 basis points. Interest payments will be made every quarter and the full principal will be paid out on 2021.
Manila-based debt watcher Philippine Rating Services Corp. (PhilRatings) has assigned an issue rating of PRS Aa minus with a Stable Outlook to the bond issuance. Obligations rated “PRS Aa” have a very strong capacity to meet the financial commitments.
The public offering began on July 26 and will run until August 1, 2019.
The maiden bond issuance will be issued and listed on Philippine Dealing and Exchange Corp. on fixed income platform on August 12, 2019.
The offering calls for a minimum investment of P50,000 and in increments of P10,000 thereafter.