RCBC issues sustainable dollar notes

MANILA – Rizal Commercial Banking Corporation RCBC announced plans to issue senior unsecured sustainable bonds denominated in U.S. dollars as part of a US$3 billion medium-term note program. The notes will be listed on the Singapore Exchange, demonstrating the bank’s continued commitment to sustainable finance.

The release of these sustainability statements marks another step in RCBC’s strategic focus on supporting environmental and socially responsible projects. The move is in line with the bank’s previous moves, such as raising P3 billion through sustainable bonds in 2021 and its decision to stop financing coal-fired power plants and instead invest in renewable energy.

RCBC’s core business profit increased 7% despite a drop in net profit to P9 billion from P10.1 billion and no one-time profit compared to the previous year. This strong performance reflects the bank’s ability to grow earnings in its underlying business.

Announcing the sustainable notes, an investor conference call begins today, led by ANZ, Citigroup and SMBC Nikko Securities as joint bookrunners. International law firm Allen &; is providing legal advice on the release. Ofori and Romulo Mabanta Buenaventura Sayoc de Los Angeles is headquartered in the Philippines. In addition, P&A Grant Thornton provides audit-related services.

RCBC shares rose slightly on the day the news was announced, bucking the overall downward trend of the Philippine Stock Exchange Index.

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