Philippines' UnionBank begins offer of PHP 5 billion negotiable CDs

By Marisa Wong

Madison, Wis., Sept. 30 - Union Bank of the Philippines (UnionBank) said it will issue up to PHP 5 billion of negotiable certificates of time deposits with a term of five years and six months.

The offer period for the long-term negotiable CDs began on Monday.

As noted before, UnionBank mandated HSBC as the underwriter. Deutsche Bank will be the paying agent. Union Bank, HSBC and Multinational Investment Bancorp will act as selling agents.

Bangko Sentral ng Pilipinas approved the proposed issuance on Aug. 15.

Proceeds will be used to improve the Pasig City, Philippines-based bank's deposit maturity profile and to support business expansion plans.

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