Rizal Commercial Banking Corp. (RCBC) is preparing to issue benchmark-sized dollar-denominated senior unsecured sustainability bonds as part of its expanded $4 billion medium-term note (MTN) program.
RCBC’s latest issuance will be conducted under the bank’s Sustainable Finance Framework, signaling its ongoing commitment to environmental, social, and governance (ESG) principles.
To facilitate the transaction, RCBC has tapped ING Bank N.V., Singapore Branch, Morgan Stanley & Co. International plc, and SMBC Nikko Securities (Hong Kong) Limited acting as joint bookrunners. Legal oversight will be provided by Allen Overy Shearman Sterling LLP for international matters, and Romulo Mabanta Buenaventura Sayoc & de los Angeles for domestic compliance.
P&A Grant Thornton will serve as the auditor, ensuring adherence to regulatory and financial standards.
The bank has also scheduled fixed-income investor calls on January 20, 2025, to present details of the offering to potential investors.
RCBC’s decision to raise the MTN program’s size to $4 billion in October 2024 came after the bank successfully raised $400 million in January 2024 through a sustainability bond issuance under the previous $3 billion MTN program.
That issuance marked RCBC’s return to the offshore debt market after more than three years and offered five-year senior unsecured fixed-rate sustainability bonds with a 5.5% coupon rate.
