RCBC generates $300M from sustainability notes – The Manila Times

” > RCBC generates $300M from sustainability notes NOTED Rizal Commercial Banking Corp. (RCBC) has actually raised $300 million in fresh funds from its issuance of senior unsecured fixed-rate sustainability notes.

In a statement on Friday, the Yuchengco-led loan provider said these notes were rated “Baa2” by Moody’s

Investors Service and would be released at 99.751 with a coupon of 3.000 percent per year.

The five-year notes– in denominations of $200,000 and $1,000 thereafter– will settle on Sept. 11, 2019 and mature on Sept. 11, 2024. These will be released under RCBC’s Sustainable Financing Framework.

It will be noted on the Singapore Exchange Securities Trading Ltd., similar to the bank’s other three impressive United States dollar-denominated bonds.

” Deserving to note is that the final order book stayed [five times] oversubscribed, with orders from more than 100 accounts– clearly reflecting international investors’ continued self-confidence in RCBC and their positive outlook on the credit,” the bank stated.

It noted that the order book was well-diversified, with 74 percent assigned to possession supervisors and fund managers; 18 percent to bank treasury and insurance coverage; and 8 percent to corporates, personal bank and other investors.

Net profits will support and finance and/or re-finance the bank’s loans to customers or its own operating activities in qualified green and social classifications, as specified in the Sustainable Finance Framework.

This structure articulates the bank’s method to utilize sustainable finance to fund loans and jobs that have clear environmental and/or social benefits.

” We are extremely pleased about the worldwide market’s reception of our sustainability bonds, the very first of such [bonds] out of the Philippines. We are especially pleased with the investor diversification that was accomplished in this offering,” stated RCBC Senior Executive Vice President and Treasurer Horacio Cebrero 3rd.

RCBC shares increased by 20 centavos or 0.72 percent to close at P28 each on Friday.

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