By Marisa Wong
Madison, Wis., Dec. 29 - Rizal Commercial Banking Corp. notified the Philippines Stock Exchange that it issued its first tranche of long-term negotiable certificates of deposit on Thursday. The bank gave notice on Wednesday that it moved the settlement date of the offering to Dec. 29 from Dec. 27.
The bank priced PHP 3.85 billion of CDs in two series. The series A CDs totaled PHP 2.03 billion, and the series B CDs totaled PHP 1.82 billion. The series A CDs have a fixed coupon of 5¼%, while the zero-coupon series B CDs were priced to yield 5½%. Both series of CDs mature on June 29, 2017.
The bank previously said that it planned to issue up to PHP 5 billion of the CDs.
Proceeds will be used to expand the bank's long-term deposit base, to support long-term asset growth and for other general funding purposes.
Deutsche Bank AG, Manila Branch and ING Bank NV, Manila Branch were the joint lead arrangers and selling agents. Multinational Investment Bancorp. was an additional selling agent.
The bank is based in Makati City, Philippines.
| Issuer: | Rizal Commercial Banking Corp.
|
| Issue: | Long-term negotiable certificates of deposit
|
| Amount: | PHP 3.85 billion
|
| Agents: | Deutsche Bank AG, Manila Branch and ING Bank NV, Manila Branch (leads), Multinational Investment Bancorp.
|
| Settlement date: | Dec. 29
|
|
|
| Series A
|
| Amount: | PHP 2,033,000,000
|
| Maturity: | June 29, 2017
|
| Coupon: | 5¼%
|
|
|
| Series B
|
| Amount: | PHP 1,817,000,000
|
| Maturity: | June 29, 2017
|
| Coupon: | 0%
|
| Yield: | 5½%
|
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