ROBINSONS Bank Corporation (RBank) ventures in to the capital bond markets as it is set to raise up to P2.5 billion worth of corporate bonds this in July to augment its long-term funding position. For its first bond maiden issuance, the Bank is proposing offering a bond issue worth P2.5 billion, with option to oversubscribe.
It will have a tenor of two years and indicative rate of 4.970% with two-year BVAL (Bloomberg Valuation Service Reference Rate) plus a spread. “The path to this milestone was paved by the organization’s aggressive expansionary plan, with the joint and proactive support of our shareholders, JG Summit Capital Services Inc. and Robinsons Retail Holdings, Inc. Part of the objective is to diversify the Bank’s funding activities and strengthen our lending network,” Mr. Sarte said.
Manila-based debt watcher Philippine Rating Services Corp. (PhilRatings) assigned the Bank an issue rating of PRS Aa minus with a Stable Outlook. A PRS Aa rating qualifies to have a strong capacity to meet financial commitments relative to that of other Philippine corporates. According to PhilRatings,
“The diversity, market and financial strength of the JG Summit Group present Robinsons Bank with numerous opportunities, with the substantial size of the group providing a captured market for the bank’s various products and services. Additionally, Robinsons Bank’s shareholders have demon-strated their strong financial support to the bank through recent capital infusions totaling P9.1 billion.”
The bond issuance will be arranged solely by BDO Capital & Investment Corp., which will also act as a selling agent alongside Robinsons Bank and other financial institutions. Interest of the bank’s Bank’s debt papers will be paid quarterly on a 30-360 day count. Investors can place at least P50,000 with increments of P10,000 thereafter. Robinsons Bank is currently the 18th largest commercia10l bank in the industry in terms of assets with P120.8 billion as of March 2019, data from the central bank showed. The Bank continuously makes headway in upscaling operations towards forging the path to becoming a universal bank.
For inquiries and concerns, you may reach Robinsons Bank through its Customer Care Center at 637- CARE (2273) or domestic toll-free 1-800-10-637-CARE (2273); or go to its website at www.robinsonsbank.com.ph. Like them on Facebook at www.facebook.com/robinsonsbank/ and follow them on Twitter @RBankCorp.
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