UnionBank offers P20B worth of long-term notes
This bank is loading up on cash.
The Aboitiz-owned Union Bank of the Philippines launched on Tuesday, Jan. 30 a new offering of long-term negotiable certificates of deposits (LTNCDs).
In a disclosure, the bank said they will be offering P20 billion worth of debt papers with tenors between 5.5 to 10 years. The initial offering worth P3 billion fetched an indicative rate ranging from 4.125-4.375 percent, and will mature in 5.5 years.
Interested investors may approach the bank’s agents between Jan. 30 to Feb. 9, with minimum placements at P50,000 plus increments of P10,000.
“UnionBank is offering the LTNCDs to improve the Bank?s deposit maturity profile and support business expansion plans,” the bank said.
This follows the $500 million in global notes offered by the bank in November 2017.
The issuance of peso debt papers will be facilitated by the Standard Chartered Bank was mandated as sole lead arranger, bookrunner, and selling agent. UnionBank and Multinational Investment Bancorporation will also serve as sellers for the notes, which will be listed on the Philippine Dealing Exchange Corporation.