Bangko Sentral approves P10-B UnionBank debt notes

Bangko Sentral ng Pilipinas has given the Union Bank of the Philippines (UnionBank) the green light to offer up to P10 billion worth of unsecured subordinated debt.

 

UnionBank said in a disclosure to the Philippine Stock Exchange on Thursday the debt notes would carry a fixed-rate "... based on the relevant market rates..."

 

The bank hired BDO Capital Investment Corporation as issue manager and lead underwriter, with China Banking Corporation as underwriter.

 

Deutsche Bank AG Manila is the registry and paying agent.

 

Joining BDO Capital as selling agents are ChinaBank and Multinational Investment Bancorporation, with Deutsche Bank AG-Manila Branch as registry and paying agent.

 

Multinational Investment will also serve as market maker, while Development Bank of the Philippines-Trust Services Group will serve as trustee for the transaction.

 

The notes will mature in 10 years and three months, and qualify as Tier-2 capital under Basel 3 banking standards. – Raffy Cabristante/VS, GMA News