RIZAL COMMERCIAL Banking Corp. (RCBC) has raised P7.5 billion from its fixed-rate bond offering due November 2022.
RCBC initially wanted to raise just P3 billion.
The three-year bonds with a fixed rate of 4.426% per annum are part of the lender’s P100-billion bond and commercial paper program.
Proceeds from the fund raising will be used to boost the bank’s asset growth and to strengthen its liquidity, RCBC said in a filing with the local bourse on Wednesday.
“This bond offering brings the total amount raised by RCBC to P30.5 billion in 2019,” the bank said in a statement.
Standard Chartered Bank was appointed as the sole arranger and bookrunner for the transaction.
The Yuchengco-led bank booked a 41% increase in its net earnings to P4.5 billion as of end-September from the P3.2 billion logged in the same period last year.
RCBC shares closed at P25.80 apiece on Wednesday, inching up by 0.19% from its previous close. — LWTN