citigroup-and-credit-suisse-awarded-rizal-hybrid-mandate

Citigroup and Credit Suisse awarded Rizal hybrid mandate

The leads prepare a new $100 million perpetual deal for the eighth largest lender in the Philippines.
Citigroup and Credit Suisse have been awarded the mandate for a proposed $100 million hybrid tier-1 offering for Rizal Commercial Bank. The B3B- Moody'sFitch rated notes will have a non-cumulative perpetual non-call 10-year structure, with a step up of 100bp over the initial credit spread if not called.

Rizal, the eigth largest lender in the Philippines, will kick off roadshows tomorrow in Singapore, before heading to Hong Kong the following day, and London later in the week. The leads have announced that pricing will follow the London roadshow, dependant on market conditions.

No doubt Citigroup and Credit Suisse will be looking to other recent issuers of Philippine hybrid tier-1 paper as viable comparables....
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