Robinsons Bank eyes P2.5 billion in return to local debt market

MANILA, Philippines — Gokongwei-led Robinsons Bank Corp. is tapping the onshore debt market anew with plans to raise at least P2.5 billion to support the bank’s growing lending portfolio.

Robinsons Bank said the fund raising activity, the second tranche of its P10 billion corporate bond program, has an oversubscription of P2.5 billion.

“The net proceeds from the issuance will be used primarily to support and finance the bank’s lending activities. The offer will also allow the bank to diversify funding sources, optimize funds deployment, and sustain proper management of the liquidity ratios,” the bank said.

With a tenor of two years and a quarterly interest payment, the interest rate would be determined through a book building process.

The bank has tapped BDO Capital & Investment Corp. as sole issue manager, bookrunner and underwriter, and selling agent.  It would also act as selling agent.

Last August, the country’s 18th largest lender in terms of assets raised P5 billion from the issuance of fixed peso corporate bonds due 2021. The fund raising activity was four times oversubscribed.

Aside from the peso-denominated fixed rate bonds, Robinsons Bank also issued P4.18 billion worth of long term negotiable certificates of deposits (LTNCDs) in June 2017 and another P1.78 billion in July last year to finance its expansion plans.

Robinsons Bank announced its customers could now pay their taxes to the Bureau of Internal Revenue (BIR) online through their respective bank accounts.

The payment is initiated through the Link.Biz portal of state-run Land Bank of the Philippines where BIR is a merchant.

The account holder is required to approve the transaction using the client’s personal online banking credentials and choose the account to be used for payment.

JG Summit Capital Services Corp. controls the bank with 60 percent while Robinsons Retail Holdings Inc. holds the remaining 40 percent.