UnionBank raises P10.5B from fresh bond float
Appetite is strong for this bank.
UnionBank of the Philippines benefited from rosy investor interest towards local banks as they too scored massive investments from their latest offering.
The Aboitiz bank initially wanted just P5 billion as fresh funding from the market, but “overwhelming investor demand” allowed the lender to raise P10.5 billion by floating two-year fixed rate bonds.
The offer period was also cut short by almost a week as they could not accommodate more offers.
“The proceeds of the bonds will help support our strategic business expansion plans, while providing a new shorter dated investment instrument to our institutional and retail clients,” said Mr. Jose Emmanuel U. Hilado,
Senior Executive Vice-President, Chief Financial Officer and Treasurer.
“We thank our investors for their unwavering confidence in UnionBank.”
The papers will be paid 7.061% per annum to be paid quarterly.