Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has retired $275 million bonds, lowering its debt stock and cost of funding.
In a press statement on Tuesday, RCBC announced that it had settled on Jan. 31 its 5.25 percent $275 million senior unsecured bond without the need for refinancing.
RCBC president and chief executive officer Gil Buenaventura said: “RCBC’s solid liquidity position allowed it to completely satisfy this financial obligation. In addition to the bank’s significant liquidity position, lowering cost of funding was also a major consideration. Paying down higher cost debt is a key priority in light of this important objective.”
Moving forward, the bank said it would continue to be “opportunistic” in exploring low-cost funding alternatives.