By Reshmi Basu
New York, Oct. 20 - Rizal Commercial Banking Corp. (RCBC) placed a $100 million issue of perpetual hybrid tier 1 notes (B3//B-) at 99.221 with a 9 7/8% coupon to yield 10% to the call, according to a market source.
The deal came in line with price guidance that was in the 10% area.
The issue is callable on Oct. 27, 2016. If the notes are not called, the coupon becomes floating rate and steps up to three-month Libor plus 702 basis points.
Citigroup and Credit Suisse were managing the Regulation S transaction.
The Makati City, Philippines-based Rizal is a private domestic commercial bank.
| Issuer: | Rizal Commercial Banking Corp.
|
| Amount: | $100 million
|
| Issue: | Hybrid tier 1 notes
|
| Maturity: | Perpetual
|
| Coupon: | 9 7/8%
|
| Issue price: | 99.221
|
| Yield: | 10% (to call)
|
| Spread: | 468 basis points over Treasuries
|
| Call option: | Callable on Oct. 27, 2016; if not called coupon steps up to three-month Libor plus 702 bps
|
| Lead managers: | Citigroup, Credit Suisse
|
| Pricing date: | Oct. 20
|
| Settlement date: | Oct. 27
|
| Ratings: | Moody's: B3
|
| Fitch: B-
|
| Price guidance: | 10% area
|
| Distribution: | Regulation S
|
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