RCBC raises ₱20.5 billion in record ASEAN bond sale

Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has successfully raised a record ₱20.5 billion from its upsized issuance of fixed-rate, peso-denominated Series G Association of Southeast Asian Nations (ASEAN) sustainability bonds due 2029. The bonds, which were listed on Philippine Dealing & Exchange Corp. (PDEX) on Wednesday, April 8, carry a fixed coupon of 6.08 percent per annum. “This is a significant milestone as RCBC’s largest peso-denominated issuance to date. The bonds saw robust demand from retail and institutional investors, resulting in an order book more than four times the announced minimum issue size of ₱5 billion,” the bank said. RCBC also noted that it raised the record size within four days of the public offer, concluding its offering last March 17, ahead of the original timeline of March 27, 2026. In line with RCBC’s sustainability commitments, the funds raised from the offer will be used to finance or refinance, in whole or in part, eligible green and social categories as described in the bank’s sustainable finance framework. The bonds form part of RCBC’s ₱200-billion bond and commercial paper program. The offering marks the ninth time that the bank has tapped the peso bond market and brings the aggregate amount of bond issuances since 2019 to ₱119.5 billion. “The success of this issuance demonstrates resilient investor confidence in the various initiatives RCBC has taken to fuel the bank’s growth,” it said. Standard Chartered Bank (SCB) and RCBC Capital Corp. acted as joint lead arrangers and bookrunners for the offer. The selling agents were RCBC and SCB. In July last year, RCBC successfully raised ₱12.21 billion from the issuance of fixed-rate, peso-denominated Series F ASEAN sustainability bonds due 2028. The bonds carry a coupon of six percent per annum. Strong demand from investors resulted in an order book more than four times the announced minimum issue size of ₱3 billion, and the bank concluded its offering on July 9, 2025.