RCBC to tap bond market anew

RIZAL COMMERCIAL Banking Corp. (RCBC) is looking to tap the bond market for the second time this year following its April issuance.

The upcoming issuance will be the fifth tranche of its P100-billion bond and commercial paper program.

“The final terms will be determined prior to the launch of the issue depending on market conditions,” the lender said in a filing on Thursday.

In April, the bank raised P7.05 billion from two-year fixed-rate bonds that carry a coupon rate of 4.848%. Proceeds of the issuance will be used to support asset growth and boost the bank’s liability structure.

Issuances out of the bank’s P100-billion bond and commercial paper program have hit P37.55 billion since 2019.

RCBC’s net earnings surged 77% year on year to P2.3 billion in the first quarter, supported by its strong core business and trading gains despite the coronavirus pandemic.

RCBC’s shares ended trading at P18 apiece on Thursday, down by 20 centavos or 1.10% from the previous close. — LWTN