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Published on 12/31/2013 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Philippines' Rizal redeems PHP 4 billion 7¾% lower tier 2 notes

By Marisa Wong

Madison, Wis., Dec. 26 - Rizal Commercial Banking Corp. completed the early redemption of its PHP 4 billion 7¾% subordinated notes due May 15, 2019 on Dec. 23, according to a 17-C filing with the Philippines Securities and Exchange Commission.

According to a previous 17-C filing, the bank's board of directors approved the early redemption in August. The bank said the lower tier 2 notes were callable on May 15, 2014, but the exact terms of the early redemption were not disclosed in the filing.

The bank is based in Makati City, Philippines.


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