Rizal Commercial Banking Corporation (RCBC) has raised P20.5 billion through its fixed-rate, peso-denominated Series G ASEAN Sustainability Bonds due 2029, marking the bank’s largest peso bond issuance to date.

The bonds, listed on the Philippine Dealing and Exchange Corporation on 8 April, carry a fixed coupon rate of 6.08 percent per annum.

Strong demand

RCBC said the offer drew strong demand from both retail and institutional investors, with the order book exceeding four times the minimum issue size of P5 billion.

The bank also completed the fundraising ahead of schedule, closing the offer on 17 March — earlier than the original 27 March timeline — after reaching its target within four days of the public offer.

Eligible green and social projects

Proceeds from the issuance will be used to finance or refinance eligible green and social projects, in line with the bank’s Sustainable Finance Framework.

The bonds are part of RCBC’s P200-billion bond and commercial paper program. This marks the ninth time the bank has tapped the peso bond market, bringing its total bond issuances since 2019 to P119.5 billion.

Standard Chartered Bank and RCBC Capital Corporation served as joint lead arrangers and bookrunners, while both institutions also acted as selling agents for the transaction.