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Manila Bulletin devider Business devider Banking & Finance devider UnionBank raises P18 B from oversubscribed bond offering

UnionBank raises P18 B from oversubscribed bond offering

Published Dec 4, 2023 07:58 am

Union Bank of the Philippines, a member of the Aboitiz Group, has successfully raised P18.17 billion of peso-denominated fixed rate bonds via an oversubscribed dual tranche offering. 

In a disclosure to the Philippine Stock Exchange (PSE), the bank said this is its largest bond issuance from its P50 billion Bonds Program, which received strong demand from both retail and institutional investors.

This enabled the bank to upsize the issuance to over nine times its initial minimum offer size of P2 billion for the two tranches.

The 1.5-year Series F Bonds due 2025 raised a total of P10.34 billion and carries an interest rate of 6.5625 percent per annum while the three-year Series G Bonds due 2026 raised a total of P7.8295 billion and carries an interest rate of 6.6800 percent per annum (New Bonds).

Concurrent with the issuance of these New Bonds, UnionBank also implemented the country’s first public non-sovereign bond exchange which extended to the holders of its P8.12 billion 2.750 percent Fixed Rate Series C Bonds due Dec. 9, 2023 (the Exchangeable Bonds) the option to sell to UnionBank such Exchangeable Bonds in exchange for subscription to any of the New Bonds (the Bond Exchange). 

The Bond Exchange settlement date is on Dec. 4, 2023, with P236.7 million of Exchangeable Bonds to be exchanged with the New Bonds. The New Bonds will be issued and listed on the Philippine Dealing & Exchange Corp. on Dec. 5, 2023.

“Fuelled by our passion to address the needs of our customers, we introduced the Bond Exchange program to provide a reinvestment option for existing investors,” said UnionBank Treasurer and Head of Global Markets Johnson L. Sia. 

He added that, “we are grateful for the support of our investors as their confidence in the Bank allowed us to raise our largest Peso bond issuance to date.”

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

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Union Bank of the Philippines (UnionBank)
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