By Marisa Wong
Morgantown, W.Va., June 4 – Philippines’ Rizal Commercial Banking Corp. said it completed the issuance of PHP 8 billion of 6.15% two-year Asean sustainability bonds.
The offering was upsized from PHP 5 billion due to strong interest from retail investors.
Rizal mandated ING Bank NV, Manila Branch as arranger for the issuance, as previously announced.
The public offer period began on May 14 and ran until May 28.
Proceeds will be applied to the following areas: renewable energy, green buildings, clean transportation, energy efficiency, pollution prevention and control, sustainable water management, environmentally sustainable management of living natural resources and land use, affordable basic infrastructure, access to essential services, employment generation, affordable housing and socioeconomic advancement and empowerment.
This is the first sustainability bond from the Philippines issued under the Asean Sustainability Bond Standards 2018 framework, according to a prior press release.
The bank is based in Makati City, Philippines.
Issuer: | Rizal Commercial Banking Corp.
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Issue: | Asean sustainability bonds
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Amount: | PHP 8 billion
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Maturity: | Two years
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Arranger: | ING Bank NV, Manila Branch
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Coupon: | 6.15%
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Offering period: | May 14 to May 28
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Announcement date: | June 4
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