RCBC raises $75M from bonds
MANILA, Philippines - Rizal Commercial Banking Corp. (RCBC) has reopened an overseas bond issue, raising an additional $75 million.
The original bonds were issued in January when the Yuchengco-led bank raised a total of $200 million. RCBC was originally looking at raising $150 million but upsized the issue on strong demand from global investors.
The bonds, which are maturing in 2017, pay an annual coupon of 4.779 percent. They will be listed on the Singapore Stock Exchange.
Deutsche Bank was the sole bookrunner for the issue.
RCBC earlier said its preliminary net income last year rose 18 percent to P5.01 billion, driven by both interest and non-interest sources of revenue.
Interest income amounted to P10.75 billion while non-interest income, comprised mainly of earnings from trading activities, service fees, commissions as well as fees from its lucrative business, reached P7.11 billion.
RCBC’s loan portfolio grew to P184.67 billion, 37 percent of which was extended to the small and medium-scale borrowers.
Consumer loans, which typically fund car purchases, credit card expenses and the purchase of residential units, accounted for P27.7 billion of total loans.
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