Union Bank secures funds for expansion via retail bond offering

05:10 AM May 31, 2019

Aboitiz-led Union Bank of the Philippines has raised P5.8 billion from a new offering of local retail bonds, proceeds from which will supplement its funding base and support business expansion plans.

The three-year bonds carried a coupon rate of 6 percent, the bank said in a statement.


This is the second bond issuance by UnionBank, following the issuance of P11 billion worth of bonds on Dec. 7 last year.

The bank initially announced an offer size of P3 billion but ended up upsizing the deal after receiving strong demand from institutional and retail clients. The brisk demand also allowed UnionBank to price the bonds at the lower end of its guidance.


Hongkong and Shanghai Banking Corp. Ltd. (HSBC) and ING Bank N.V. Manila branch acted as joint lead managers and bookrunners for the transaction. HSBC and ING were also selling agents alongside UnionBank.

The bonds will be issued on June 3 and listed on the Philippine Dealing Exchange on the same day. —DORIS DUMLAO-ABADILLA

Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: expansion plans, retail bond offering, Union Bank of the Philippines
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2019 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.