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Manila Bulletin devider Business devider Banking & Finance devider UnionBank starts bond offering from P50-B program

UnionBank starts bond offering from P50-B program

Published Nov 20, 2023 06:03 am

Union Bank of the Philippines (UnionBank), a member of the Aboitiz group of companies, has started the public offering on fixed rate bonds from its P50 billion bond program.

In a disclosure to the Philippine Stock Exchange (PSE), the bank said it is offering 1.5-year Senior Fixed Rate Series F Bonds due 2025 and 3-year Senior Fixed Rate Series G Bonds due 2026 (New Bonds).

The New Bonds will be issued under UnionBank’s P50 billion Bond Program and each tranche will be offered with a minimum aggregate principal amount of P1 billion, with an oversubscription option.

The 1.5-year Series F Bonds and 3-year Series G Bonds have interest rates of 6.5625 percent per annum and 6.6800 percent per annum, respectively. The public offer period for the New Bonds will start from Nov. 20, 2023 and end on Nov. 29, 2023.

Concurrent with the offering of the New Bonds, UnionBank has extended to the holders of its P8.12 billion 2.750 percent Fixed Rate Series C Bonds due Dec. 9, 2023 (Exchangeable Bonds) the option to sell to UnionBank such Exchangeable Bonds in exchange for subscription to any of the New Bonds.

The Bond Exchange period will start on Nov. 20, 2023 and end on Nov. 24, 2023. Any interest accruing to the Exchangeable Bonds from the date of the last interest payment up to and including the issue date of the New Bonds will be paid on the Bond Exchange settlement date, on Dec. 4, 2023.

The New Bonds are intended to be issued, settled and listed on Philippine Dealing & Exchange Corporation (PDEx) on December 5, 2023.

ING Bank N.V., Manila Branch and Standard Chartered Bank are the Joint Lead Arrangers and Bookrunners on the transaction. They are also the Selling Agents for the offering of the New Bonds together with UnionBank.

“ING, SCB, and UnionBank reserve the right to adjust the public offer period of the New Bonds, the Bond Exchange period, and the Bond Exchange settlement date as needed,” the UBP said.

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Union Bank of the Philippines (UnionBank)
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