RCBC offers US-denominated bonds in Singapore

MANILA, Jan. 12 (PNA) — Yuchengco-led Rizal Commercial Banking Corporation (RCBC) is set to offer benchmarked-sized US dollar-denominated Senior Unsecured Fixed Rate Notes, which will be listed before the Singapore Stock Exchange.

In a disclosure with the Philippine Stock Exchange (PSE) Monday, RCBC said the five-year and one-day Notes is eyed to be tentatively issued on January 21, 2015 and will be part of the bank’s USD 1 billion medium-term note program.

”(Proceeds of the issuance is set) to be used to finance operations and for general corporate purposes, including the refinancing of the USD 250 million 6.25 percent Notes due 9 February 2015,” it said.

RCBC has tapped Standard Chartered Bank as sole lead arranger and bookrunner for the issuance, Allen & Overy LLP as international legal counsel, Romulo Mabanta Buenaventura Sayoc & de los Angeles as domestic legal counsel and Punongbayan & Araullo as auditor.

Relatively, Fitch Ratings has assigned a ‘BB’ rating to RCBC’s proposed issuance. This rating is the same as that of the financial institution. (PNA)