Robinsons Bank Corporation (RBank), the financial services arm of JG Summit Group of companies, ventures into the capital markets, set to offer P2.5 billion in peso-denominated bonds, with an oversubscription option of P2.5 billion. The proceeds from the issuance will be used by the Bank to support its lending activities and diversify its 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” has a very strong capacity to meet its financial commitments.
The public offering will begin on July 26 and will run until August 1, 2019.
This maiden bond issuance will be issued and listed on the Philippine Dealing and Exchange Corp. (PDEx) on fixed income platform on August 12, 2019.
The offering calls for a minimum investment of P50,000.00 and in increments of P10,000.00, thereafter.
The sole arranger for this issuance is BDO Capital & Investment Corp., which also acts as a selling agent, alongside Robinsons Bank.
Robinsons Bank currently ranks 18th among the universal and commercial banks in the Philippines, with assets of P118.9 billion as of March 31, 2019 according to Bangko Sentral ng Pilipinas.