Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has been cited by the Hong Kong-based Asset Publishing and Research Ltd. (APRL) for the lender’s sustainability bonds issued last year worth P17.87 billion.
APRL’s media format “The Asset” magazine awarded the lender with the “Best Sustainability Bond” in 2021, according to RCBC.
“The Asset” noted how the bond issue was the first Association of Southeast Asian Nations (Asean) sustainability bond issuance out of the Philippines in 2021 and the only peso-denominated sustainability bond floated last year.
Last March 31, RCBC listed its P17.87 billion in 2.5 years and 5.25 years series C and D Asean Sustainability Bonds. Rates were pegged at 3.2 percent for the series C and 4.18 percent for series D per annum, to be paid quarterly in arrears.
RCBC President and CEO Eugene S. Acevedo said the bond issuances demonstrated the bank’s commitment to sustainable development and environmental protection despite the challenging market environment.
RCBC is the first universal bank to publicly commit to defunding new coal-fired power plants in the country.
It also took the lead in financing some of the Philippines’ and the region’s biggest green infrastructure and renewable energy projects, while involving itself in pioneer capacity-building activities to contribute to the Philippine commitment to the Paris Agreement.
The annual “Triple A” recognition by “The Asset” magazine is considered one of the most prestigious awards for banking, finance, treasury and the capital markets, according to RCBC.
As the financial multi-media group with the widest reach among Asian issuers and global institutional investors, the APRL medium “has unparalleled insight,” which forms the foundation of its annual awards, RCBC added.