YUCHENGCO-LED Rizal Commercial Banking Corp. (RCBC) is increasing the size of its medium-term note (MTN) program to $4 billion, from $3 billion previously, to raise fresh funds for green and social initiatives.
In a stock exchange filing on Tuesday, RCBC said that it had received board approval for the increase in the MTN program during a meeting the previous day.
Japan-based SMBC Nikko Securities Inc. was tapped as MTN program arranger for the issuance of foreign currency-denominated senior notes out of the MTN program, “subject to market and other conditions.”
No further details were given.
In January, RCBC successfully raised $400 million from the issuance of five-year unsecured sustainability notes under its $3-billion MTN program.
The notes carried a coupon of 5.5 percent due in January 2029, and received a Baa3 rating from Moody’s.
RCBC said at the time that aside from supporting its sustainable finance framework, proceeds from the notes issue would also be used to support, finance or refinance its loans.
The bank reported a net income of P4.5 billion for the first half of 2024, down 27.4 percent from the year-earlier P6.2 billion.
As of end-June this year, RCBC was operating 458 branches, 1,486 automated teller machines (ATMs) and 6,836 ATMGo terminals nationwide.
RCBC shares fell 0.93 percent to P26.60 each on Tuesday.
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