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Rizal Commercial Banking talks PHP 5 billion five-year notes at PDST-F plus 32 bps to 65 bps
By Aaron Hochman-Zimmerman
New York, Dec. 3 - Rizal Commercial Banking Corp. announced plans to issue PHP 5 billion five-year notes, according to a press release.
The issue may increase up to PHP 7 billion and is intended to replace a PHP 5 billion lower tier II issue from Feb. 23, 2003. That issue becomes callable in July 2008.
HSBC and ING will bring the deal, which is expected with a spread 32 basis points to 65 bps over the Philippine dealing system treasury rate fixing (PDST-F).
The spread is expected to result in a yield of 6.9% to 7¼%.
The coupon is expected to step up by 80% of the fixed rate treasury notes (FXTN) plus 150% of the initial spread on a net tax basis. RCBC is a Manila, Philippines-based commercial and retail lender.
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