By Marisa Wong
Morgantown, W.Va., Feb. 21 – Union Bank of the Philippines (UnionBank) said it issued PHP 3 billion of 5˝-year negotiable certificates of time deposits with an interest rate of 4 3/8%.
The interest rate was expected to be 4 1/8% to 4 3/8%, as previously announced.
Standard Chartered Bank acted as the lead arranger and bookrunner.
UnionBank had said the purpose of the issuance is to improve its deposit maturity profile and to support its business expansion plans.
This is the first tranche under the bank’s proposed PHP 20 billion of long-term negotiable CDs approved by the Bangko Sentral ng Pilipinas. UnionBank may issue multiple tranches of the CDs with maturities of 5˝ to 10 years over a period of one year.
The bank is based in Pasig City, Philippines.
| Issuer: | Union Bank of the Philippines (UnionBank)
|
| Issue: | Negotiable certificates of time deposits
|
| Amount: | PHP 3 billion
|
| Maturity: | Aug. 21, 2023
|
| Bookrunner: | Standard Chartered Bank
|
| Coupon: | 4 3/8%
|
| Offer period: | Jan. 30 to Feb. 9
|
| Settlement date: | Feb. 19
|
| Price talk: | 4 1/8% to 4 3/8%
|
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