UnionBank raises $300M from offshore bond issue

Aboitiz-led Union Bank of the Philippines has returned to overseas bond market, raising $300 million from the issuance of five-year senior unsecured notes.

The notes, which form part of the bank’s $2 billion medium term notes program, were priced to yield 2.125% semi annually, 195 basis points above the five-year US Treasury yield.

UnionBank said the issue was 4.3 times oversubscribed, attracting over $1.3 billion worth of orders from 117 quality institutional investors.

The bulk of the notes or 84% was taken up by investors from Asia while the remaining 16% went to Europe, Middle East and Africa.

Citigroup Global Markets Ltd., MUFG Securities Asia Ltd., and Standard Chartered Bank were the joint lead managers and joint bookrunners.

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