Yuchengcos’ RCBC returns to debt market with P5B bond offer

RCBC

Rizal Commercial Banking Corp., the banking arm of the Yuchengco family, announced plans to raise at least P5 billion via the sale of fixed-rate bonds.

In a stock exchange filing, RCBC said the bonds to be issued form part of the bank’s upsized P200 billion bond and commercial paper program as approved by the board last June 27.

RCBC will use proceeds from the offering to to support asset growth and re-finance maturing liabilities, as well as supplement other general funding purposes.

The terms and timing of the proposed bonds transaction will be determined subject to RCBC’s requirements and prevailing market conditions.

RCBC said It continues to explore various capital raising opportunities, which include taking in foreign investors.

The bank amended its Articles of Incorporation to allow foreign nationals to own more than 40 percent of RCBC.

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