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Manila Bulletin devider Business devider Banking & Finance devider UnionBank upsizes bond offering, raises ₱16 billion for financing and expansion

UnionBank upsizes bond offering, raises ₱16 billion for financing and expansion

Published Jun 25, 2025 11:04 am
Aboitiz-led Union Bank of the Philippines (UnionBank) has raised ₱16 billion from its upsized, dual tranche offering of peso-denominated fixed-rate bonds under its ₱100-billion PHP bond program, marking its return to the domestic capital markets since 2023.
In a disclosure to the Philippine Stock Exchange (PSE), the bank said the offering saw strong interest from institutional and retail investors, with both tranches exceeding their initial targets of ₱5 billion each.
The 1.5-year series H bonds due 2026 raised a total of ₱9.2507 billion and carries an interest rate of 5.88 percent per annum, while the three-year series I bonds due 2028 raised a total of ₱6.7493 billion and carries an interest rate of 6.02 percent per annum.
The minimum investment amount was ₱100,000, with increments of ₱50,000 thereafter.
Proceeds from the issuance shall be used to extend term liabilities, expand funding base, support business expansion plans, and for other general corporate purposes.
The bonds will be listed on the Philippine Dealing & Exchange Corp. (PDEx) on June 26, 2025.
ING Bank N.V. Manila Branch, Philippine Commercial Capital Inc., 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) and peso bonds programs.
The bank plans to issue up to $800 million, or its equivalent in other foreign currencies, out of its EMTN program established way back 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 green-lighted an increase in the bank’s peso bonds program from ₱50 billion to ₱100 billion, and the issuance of up to ₱30 billion out of 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 after reporting strong growth in net income for 2024 on the back of record revenues.

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