MANILA - Rizal Commercial Banking Corp. (RCBC) has announced plans to issue US dollar-denominated senior unsecured sustainability notes, as part of its $3-billion medium-term note program. The notes will be listed on the Singapore Exchange (OTC:SPXCY) Securities Trading Limited, signaling the bank's continued commitment to sustainable finance.
The issuance of these sustainability notes marks another step in RCBC's strategic focus on supporting environmentally and socially responsible projects. This move aligns with the bank's earlier initiatives, such as the raising of P3 billion through sustainability bonds in 2021 and its decision to stop financing coal-fired power plants in favor of renewable energy investments.
Despite experiencing a dip in net income from P10.1 billion to P9 billion, absent one-off gains from the previous year, RCBC has seen its core business profitability grow by 7%. This robust performance reflects the bank's ability to increase earnings from its fundamental operations.
In tandem with the announcement of the sustainability notes, investor calls commenced today, with ANZ, Citigroup, and SMBC Nikko Securities leading the charge as joint bookrunners. Legal advisement for the issuance is being provided by international law firm Allen & Overy and Philippines-based Romulo Mabanta Buenaventura Sayoc & de los Angeles. Additionally, P&A Grant Thornton is responsible for audit-related services.
On the day of the announcement, RCBC shares experienced a slight uptick, bucking the general downward trend of the Philippine Stock Exchange index.
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