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Philippines’ UnionBank launches offering of 5 3/8% notes due 2025
By Marisa Wong
Madison, Wis., Nov. 10 – Union Bank of the Philippines (UnionBank) is planning to issue PHP 5 billion of fixed-rate subordinated notes qualifying as tier 2 capital, according to a notice.
The offer period for the 5 3/8% notes due Feb. 20, 2025 began on Nov. 5 and will run to Nov. 13. Settlement is slated for Nov. 20.
The notes will be callable on Feb. 20, 2020.
BDO Capital & Investment Corp. will act as issue manager, lead underwriter and a selling agent; China Banking Corp. will act as underwriter; and Multinational Investment Bancorp. will act as selling agent and market maker. UnionBank will be a limited selling agent.
The issuer is based in Pasig City, Philippines.
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