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Manila Bulletin devider Business devider Banking & Finance devider UnionBank begins selling ₱10 billion in bonds to public

UnionBank begins selling ₱10 billion in bonds to public

Published Jun 4, 2025 10:31 am

Aboitiz-led Union Bank of the Philippines (UnionBank) has kicked off its ₱10 billion public offering of 1.5-year Senior Fixed Rate Series H Bonds due 2026 and 3Y Senior Fixed Rate Series I Bonds due 2028.

The Bonds will be issued under UnionBank’s Philippine Peso Bond Program with an increased Bond Limit of up to ₱100 billion as approved by its Board of Directors on February 28, 2025.

The Bonds will be offered with a minimum aggregate principal amount of ₱5 billion per tranche, with an oversubscription option.

The 1.5Y Series H Bonds and 3Y Series I Bonds have interest rates of 5.88 percent per annum and 6.02 percent per annum, respectively. The Bonds have a minimum investment amount of ₱100,000 each, with subsequent investments in multiples of ₱50,000.

The public offer period for the Bonds starts from June 4, 2025, and ends on June 19, 2025. The Bonds are intended to be issued, settled, and listed on the Philippine Dealing & Exchange Corporation (PDEx) on June 26, 2025.

ING Bank N.V., Manila Branch, Philippine Commercial Capital, Inc. (PCCI Capital), 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 Bonds, together with UnionBank.

Last March, the bank said it is raising up to ₱76.35 billion through issuances from both its Euro Medium Term Note (EMTN) Program and Peso Bonds Program.

The bank plans to issue up to $800 million or its equivalent in other foreign currencies out of its EMTN Program established way back on Nov. 14, 2017, and updated on Oct. 2, 2020, with current program size of $2 billion and a remaining balance of $1.2 billion.

Meanwhile, the UnionBank board approved an increase in the bank’s Peso Bonds Program from ₱50 billion to ₱100 billion, as well as the issuance of up to ₱30 billion from the program.

Also approved is a planned infusion of additional capital of up to ₱1.2 billion in UnionDigital to support its ongoing business operations and enable it to deliver sustainable growth, subject to applicable regulatory approvals.

UnionBank expects its profits to continue growing this year, following strong growth in net income for 2024, driven by record revenues.

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