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Nov 22, 2017 @ 18:05

UnionBank raises $400M from global notes offer amid wild demand


This bank has been the apple of the eye of foreign investors.

Union Bank of the Philippines issued $400 million worth of fixed-rate debt notes for its maiden issuance under a $1-billion medium term note program.

In a disclosure, the bank said it successfully raised the amount after holding roadshows in Singapore and Hong Kong on Nov. 16-17. The papers carry a 3.369% annual interest, and will mature in five years.

Total demand was overwhelming with orders from global investors reaching a massive $3.2 billion, eight times than what UnionBank planned to raise.

“Proceeds of the Notes will be used to refinance UnionBank’s existing liabilities, expand its funding base and for other general corporate purposes,” the bank said in the statement, noting that the sum is the largest ever garnered by any Philippine issuer.

Citigroup and Standard Chartered Bank were the joint arrangers, joint lead managers and joint bookrunners, while China Bank Capital Corporation served as domestic lead manager for the transaction.

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