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October 06, 2022

Acevedo sells nearly five times more peso green bonds than anticipated

Rizal Commercial Banking Corporation led by Bankero Eugene Acevedo has sold P14.75 billion as investors swarmed the lender’s ASEAN sustainability bond offering.

The proceeds of the fund raising activity of almost five times the original P3 billion offering will be used to support asset growth, refinance maturing obligations, and other general funding purposes in line with the bank’s sustainable finance framework.

The bonds carry a coupon of three percent per annum and listed at the Philippine Dealing and Exchange Corporation (PDEx) Monday morning.

The bond sale forms part of RCBC’s P100 billion bond and commercial paper fund-raising program.

This was the seventh time the Yuchengco-led lender tapped the peso bond market that brought the total amount RCBC raised from all bonds sales since 2019 to P86.80 billion.

The record amount raised is a demonstration of investor confidence in the various initiatives RCBC has taken to fuel its growth.

HSBC acted as the sole lead arranger and bookrunner together with RCBC Capital Corporation as financial advisor. Both HSBC and RCBC served as selling agents.

BDO Unibank Inc. led by Bankero Nestor Tan similarly sold a record high P52.7 billion ASEAN sustainability bonds last month, followed by Bank of the Philippine Islands headed by Bankero TG LImcaoco who also sold P27 billion with the sale of fixed-rate peso bonds.

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