RIZAL COMMERCIAL Banking Corp. (RCBC) has upsized its medium-term note program to $4 billion from $3 billion, it said on Tuesday.

The Yuchengco-led bank will also be issuing foreign currency-denominated senior notes under the program, RCBC said in a disclosure to the stock exchange.

It has appointed SMBC Nikko Securities, Inc. as the program arranger, it added.

The increase in its bond program, the planned issuance, and the appointment of the program arranger was approved by the bank’s board of directors on Monday.

RCBC last tapped the foreign bond market in January, raising $400 million from an issuance of five-year senior unsecured sustainability notes.

This issuance marked RCBC’s return to the overseas debt market after over three years.

The notes were issued out of the bank’s medium-term note program, with the proceeds set to finance and refinance its consumer loans, as well as its own operating activities, for eligible green and social categories in line with the RCBC’s Sustainable Finance Framework.

RCBC’s net income declined by 12.97% year on year to P2.25 billion in the second quarter due to increased tax expenses.

Its shares went down by 25 centavos or 0.93% to close at P26.60 each on Tuesday. — AMCS