UnionBank raises $282.5m in fixed rate bonds

It plans to use the proceeds to extend term liabilities, expand funding base, etcetera.

Union Bank of the Philippines has raised $282.59m (PHP16b) of peso-denominated fixed rate bonds via a dual tranche offering.

The Philippine-based bank plans to use the proceeds to “extend term liabilities, expand funding base, support business expansion plans, and for other general corporate purposes.”

The offering is under UnionBank’s increased PHP100b bond programme.

It marks UnionBank’s return to the domestic capital markets in 2023.

ING, Philippine Commercial Capital (PCCI Capital), and Standard Chartered Bank are the joint lead arrangers and bookrunners on the transaction.

They are also the selling agents for the offering of the bonds together with UnionBank.