Unionbank doubles size of maiden peso bond issue to P10.5 billion

ABS-CBN News

Posted at Nov 26 2018 10:01 AM

MANILA -- Uniobank said it doubled the size of its first ever peso bond issue to P10.5 billion to meet strong demand.

The country's ninth largest lender by assets said the 2-year bonds were priced at 7.061 percent per annum to be paid quarterly. It originally planned to offer P5 billion in bonds.

The public offer period was also shortened, the bank said in a disclosure to the stock exchange. The bonds will be listed on PDEX on Dec. 7.

"The proceeds of the bonds will help support our strategic business expansion plans, while providing a new shorter dated investment instrument to our institutional and retail clients," said Unionbank SVP and CFO Jose Emmanuel Hilado.

The peso bonds are part of a P20 billion multi-tranche borrowing program that was approved by the Unionbank board last Aug. 31, the bank said.

Shares of Unionbank were up 0.08 percent to P65.95 in early trading Monday compared to a 0.28 percent advance in the main index.