RCBC braves bond market

Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has braved the local bond market despite the financial market turbulence arising from the COVID-19 pandemic.

RCBC disclosed to the Philippine Stock Exchange on Monday the offering of new two-year bonds priced to yield 4.848 percent per annum.

The bonds will form part of its P100-billion bond and commercial program, which has an unissued balance of P69.5 billion.

RCBC has mandated HSBC and RCBC Capital to arrange the new bond offer.

The offering started on March 23 and will run until March 27. The bonds will be listed on the Philippine Dealing & Exchange Corp. on April 7, subject to market and other conditions.

“The bank acknowledges the logistical and execution challenges given current conditions around COVID-19,” the bank said, adding that it’s grateful to the parties involved in being able to set up its program documentation last March 17.

“By proceeding with the program documentation set up and with the bonds issuance, the bank works toward conveying to the public that capital markets remain open to support business activity,” RCBC said.