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Manila Bulletin devider Business devider Banking & Finance devider RCBC shuts sustainability bond offer early on strong demand

RCBC shuts sustainability bond offer early on strong demand

Published Mar 17, 2026 01:59 pm
Reginaldo Cariaso
Reginaldo Cariaso
Yuchengco-led Rizal Commercial Banking Corp. (RCBC) shuttered the public offer for its three-year ASEAN sustainability bonds ahead of schedule as investors swarmed the debt sale.
In a disclosure to the Philippine Stock Exchange on Tuesday, March 17, the bank said that it shortened the offer period for the notes, which are part of its ₱200 billion bond and commercial paper program.
Originally slated to run until March 27, 2026, the offering saw an early cutoff following what the RCBC described as “positive and strong demand” from both retail and institutional segments.
The bonds, which carried an initial offer date of March 12, 2026, were priced at a fixed coupon of 6.08 percent per annum. RCBC officials expressed gratitude for the “immense support” from the market, noting that the volume of orders allowed for the accelerated timeline.
The securities are scheduled for listing on the Philippine Dealing and Exchange Corp. on April 8, 2026.
Proceeds from the issuance are earmarked to finance or refinance projects within the bank’s sustainable finance framework, covering both green and social categories. This strategy aligns with a broader trend among Philippine lenders to tap the environmental, social, and governance (ESG) market to diversify funding sources and appeal to a growing pool of impact-conscious investors.
Standard Chartered Bank and RCBC Capital Corp. served as the joint lead arrangers and bookrunners for the transaction. Both firms also acted as selling agents for the notes.
This latest foray into the debt market follows a similar success for RCBC in July 2025. During that exercise, the bank raised ₱12.21 billion through its Series F ASEAN sustainability bonds due 2028.
Those notes carried a slightly lower coupon of 6.00 percent per annum. At the time, the bank reported an order book that was more than four times the minimum announced issue size of ₱3 billion, illustrating a consistent appetite for the lender’s paper.

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