RIZAL COMMERCIAL BANKING CORP. is tapping its medium-term note program.

RIZAL COMMERCIAL Banking Corp. (RCBC) is set to raise fresh capital through a drawdown from its $2-billion medium-term note (MTN) program
In a disclosure to the local bourse on Tuesday, the Yuchengco-led RCBC said it intends to raise fresh funds from benchmark-sized dollar-denominated senior unsecured fixed-rate notes through a drawdown from its $2-billion MTN program.
The bank has yet to provide further details regarding the drawdown, as it has “prepared a note offering circular for this purpose” which will be posted in the Singapore Stock Exchange.
RCBC tapped Citigroup, Standard Chartered Bank as well as UBS to serve as the joint bookrunners of the MTN drawdown.
In March 2018, RCBC raised $300 million by selling five-year senior unsecured fixed-rate notes, which carry a rate of 4.125% per annum.
The bank conducted the fund-raising activity after it upsized its MTN program to $2 billion from the previous $1 billion, as approved by its board on Jan. 29.
In October 2015, RCBC raised $320 million from the issuance of unsecured fixed-rate notes as part of its $1-billion medium-term program.
The upcoming drawdown is the latest in a series of fundraising activities by RCBC.
Last September, the lender raised P3.58 billion from the first tranche of its P20-billion long-term negotiable certificates of deposit program, which will be used to provide long-term funding base.
It also raised P15 billion via stock rights offer in June to strengthen its capital ratio and fund its business expansion.
RCBC posted a P3.2-billion net profit in the first nine months, down 5.9% from a year earlier. The country’s 10th biggest bank runs 509 branches and 1,593 automated teller machines nationwide as of end-September.
Shares in RCBC stood at P29 apiece on Tuesday, down 40 centavos or 1.36% from the previous session. — K.A.N. Vidal