Rizal Commercial Banking Corp issues $250 million of senior debt

Philippine-based Rizal Commercial Banking Corporation (RCBC) has issued $250 million of senior unsecured notes with a final coupon of 6.25%. The five-year deal, which was priced yesterday evening Hong Kong time, was RCBC's first international bond since 2006.

The yield was fixed at the tight end of the initial guidance of 6.25% to 6.375% and was achieved by attaching a 6.25% coupon and re-offering the bonds at par. The final yield equalled a spread of 388bp over the equivalent US Treasuries. The maturity date was set for February 9, 2015.

The pricing was said to be competitive against the Philippine sovereign curve, with the final yield equalling a spread of 180bp over the sovereign 2015s.The immediate performance of RCBC's five-year notes in the aftermarket was in line with expectations of the arrangers.