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.
Final pricing came in at 99.221% on a semi-annual coupon of 9.875% giving a yield of 10%. On a spread basis that equates to 10-year US Treasuries plus 522.5bp or mid-swaps plus 468bp. The offering was...
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