Tuesday 17 July
Powered by Ajaxy
Nov 23, 2017 @ 18:29

UnionBank global notes fetch investment grade from Moody’s


This bank is deemed creditworthy for foreign investors.

Moody’s Investors Service has given a Baa2 rating for the first batch of five-year debt papers floated by Union Bank of the Philippines.

In a statement, the debt watcher said UnionBank’s $1-billion medium term note program is a notch above minimum investment grade status, providing comfort to potential investors to bet on these papers.

The notes carry a 3.369% annual interest and have been listed on the Singapore Stock Exchange. The bank raised $400 million during its first offering, with demand hitting as much as $3.2 billion.

Moody’s gave the rating given UnionBank’s above-industry-average profitability and strong loan growth, although heavily reliant on high-cost corporate deposits.

Tags: , , , , ,

Related Stories
After more than two decades, the Aboitiz family's Union Bank of the Philippines finally paid
This lender is really beefing up its digital banking group.
Real-time transfers will be on pause for an hour.
Union Bank of the Philippines President and Chief Executive Officer Edwin Bautista has welcomed the


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.