Union Bank of the Philippines gets authorization to sell up to PHP 5 billion of tier 2 bonds

By Jennifer Chiou

New York, July 29 - Union Bank of the Philippines informed the Philippine Stock Exchange that it received approval from the Monetary Board of the Bangko Sentral ng Pilipinas to issue up to PHP 5 billion of unsecured subordinated debt that will qualify as lower tier 2 capital.

The bank's board of directors approved the issue on April 25.

The 10-year bonds will be callable after five years.

Proceeds will be used to increase and strengthen the bank's capital bases.

HSBC Corp. and ING Bank, NV, Manila are the joint lead arrangers.

UnionBank, a universal bank by franchise, is based in Pasig City, the Philippines.

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