Metrobank offers P10-B bonds, RCBC eyes P5-B issuance

Metropolitan Bank & Trust Company (Metrobank) has launched its P10 billion peso-denominated fixed-rate bonds offering while Rizal Commercial Banking Corporation (RCBC) is eyeing its own P5 billion bond issuance.

In a disclosure to the Philippine Stock Exchange, Metrobank said it has an option to upsize the aggregate principal of P10 billion fixed-rate bonds. Proceeds will be used for general working capital needs.

The bonds will have a tenor of one and a half years and an interest rate of five percent per year, payable quarterly, with the minimum investment amount at P500,000 and in additional increments of P100,000.

The offer period will run from Oct. 06 to 19, 2022. The bonds are intended to be issued and listed on the Philippine Dealing Exchange on Oct. 28, 2022.

First Metro Investment Corporation, ING Bank N.V., Manila Branch, and Standard Chartered Bank are the Joint Lead Managers and Joint Bookrunners of the offer. Metrobank, together with FMIC, ING, and SCB, are the Selling Agents of this issuance.

The issuance is part of Metrobank’s increased P200 billion Bond and Commercial Paper Program, as approved by its Board of Directors last Dec. 15, 2021.

Meanwhile, RCBC disclosed to the PSE that it is looking to issue at least P5 billion Fixed Rate Bonds under its upsized P200 billion bond and commercial paper program as approved by the bank’s board on June 27, 2022.

RCBC intends to use the proceeds to support asset growth and re-finance maturing liabilities, as well as supplement other general funding purposes.

The terms and timing of the proposed bonds transaction will be determined subject to RCBC’s requirements and prevailing market conditions.