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December 4, 2007 |
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RIZAL COMMERCIAL: To Issue PHP5-Bil. Worth of Tier 2 Debt Notes The Rizal Commercial Banking Corp. is seeking to raise new capital by issuing Tier 2 debt notes initially worth PHP5 billion, the Manila Bulletin reports, citing anonymous sources within the financial market. The bank will float the notes "within the first semester of 2008," these sources said. Along with sources within the bank, they affirmed that the bank is preparing for the issue and has even engaged the services of HSBC Philippines. One of them also told the Bulletin that the debt notes will have a five-year tenor callable in three years with a step-up provision should the issuer opts to redeem the instrument in five years. The new money will allow RCBC to leverage further on its capital and in support of its expansion program, another source explained to Manila Bulletin. Rizal Commercial Banking Corporation -- http://www.rcbc.com/ is a universal bank principally engaged in all aspects of banking. It provides services such as deposit products, loans and trade finance, domestic and foreign fund transfers, treasury, foreign exchange and trust services. In addition, the bank is licensed to enter into forward currency contracts to service its customers and as a means of reducing and managing the bank's foreign exchange exposure. On November 2, 2006, the Troubled Company Reporter-Asia Pacific reported that Fitch Ratings assigned a final rating of 'B-' to Rizal Commercial Banking Corporation's hybrid issue of up to US$100 million. The rating action follows the receipt of final documents conforming to information previously received. On November 6, 2006, the TCR-AP also reported that Moody's Investors Service revised the outlook for RCBC's foreign currency senior debt rating of Ba3, foreign currency Hybrid Tier 1 of B3, and foreign currency long-term deposit rating of B1 to stable from negative. The outlook for RCBC's foreign currency Not-Prime short-term deposit rating and bank financial strength rating of E+ remains stable, the TCR-AP said. The TCR-AP also reported on October 24, 2006, that Standard & Poor's Ratings Services assigned its 'CCC' rating to Philippines' Rizal Commercial Banking Corp's (RCBC; B/Stable/B) US$100 million non-cumulative step-up callable perpetual capital securities. |
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