Rizal Commercial Bank prices hybrid deal

Citigroup and Credit Suisse price the third hybrid of the year from the Philippines in line with guidance.

Citigroup and Credit Suisse priced a $100 million hybrid tier-1 offering for Rizal Commercial Bank last Friday in line with official guidance. Rizal, the eighth largest lender in the Philippines, kicked off roadshows on Tuesday in Singapore, before heading to Hong Kong and London. Guidance was announced on Thursday at 10%.

The B3B- Moody'sFitch rated notes have a non-cumulative perpetual non-call 10-year structure, with a step up of 100bp over the initial credit spread if not called.


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