RIZAL COMMERCIAL Banking Corp. (RCBC) is set to tap the global bond market anew after securing approval from its directors to issue $300 million in dollar-denominated bonds to support the bank’s lending and green projects

RCBC said in a disclosure to the local stock exchange on Tuesday that its board of directors has approved the issuance of $300 million in non-cumulative, unsecured subordinated capital securities eligible as additional Tier 1 capital under Basel III requirements.

The lender said the net proceeds of the offer will fund RCBC’s loans and can also be used for other general business purposes “in line with eligible green and social categories” under its Sustainable Finance Framework.

The bank said it still needs to secure approvals from the Bangko Sentral ng Pilipinas and other regulators for the issuance.

Credit Suisse will serve as the sole global coordinator for the issuance.

The Yuchengo-led bank booked P2.3 billion in net earnings in the first quarter, surging by 77% from the same period last year.

The lender’s total assets amounted to P715.3 billion at the end of March.

RCBC’s shares closed at P16.96 each on Tuesday, up 20 centavos or by 0.12% from Monday’s finish. — B.M. Laforga