Rizal Commercial Banking Corp. issued 8 billion Philippine pesos of ASEAN sustainability bonds.
The offering was upsized from 5 billion pesos due to strong investor interest. The bonds were priced with a coupon of 6.15% and are due 2021.
The issuance marks the first ASEAN sustainability bond offering in the Philippines.
The proceeds from the issuance will be used to finance or refinance the bank's loans to customers or its own operating activities in renewable energy, green buildings, clean transportation and energy efficiency, among others.
ING Bank NV's Manila branch was the sole arranger and book runner for the issuance.
As of June 3, US$1 was equivalent to 51.79 Philippine pesos.