Union Bank of the Philippines Raises P16 Billion from Bond Offer
Union Bank of the Philippines has successfully raised P16 billion from the local debt market to support its expansion plans. The funds were obtained through a dual-tranche offering of bonds with competitive interest rates.
Union Bank of the Philippines has raised P16 billion from the domestic debt market to support its expansion plans. The amount was raised from a dual-tranche offering consisting of 1.5-year Series H bonds due 2026 at a rate of 5.88 percent a year, and three-year Series I bonds due 2028 at 6.02 percent a year.
Proceeds from the issuance will be used to extend term liabilities, expand funding base, support business expansion plans, and for other general corporate purposes, according to Unionbank's disclosure. The bonds will be listed on the Philippine Dealing and Exchange Corp. on Thursday, June 26.
Unionbank's notes issuance is part of its upsized P100-billion bond program approved in 2019.
According to the source: Inquirer.net.
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