UNION BANK ISSUES $300M DEBT NOTES

Union Bank of the Philippines announced the  successful pricing of its  US dollar-denominated regulations only offering 5-year senior unsecured notes (the “Notes”), a drawdown from the Issuer’s US$2 billion Medium Term Notes Programme. 

The Notes were issued at an aggregate principal amount of USD300MM with a fixed coupon of 2.125% p.a. payable semi-annually. 

With orders over US$ 1.3 Bn, the Notes successfully attracted interest from 117 quality institutional investors, equivalent to a 4.3x over-subscription.

The Notes were priced at 195 bps above the 5-year U.S. Treasury yield, which was 35bps tighter than initial price guidance. In terms of distribution, the Notes were allocated predominantly to Asia (84%), with the remaining to EMEA (16%). Citigroup Global Markets Limited, MUFG Securities Asia Limited and Standard Chartered Bank served as the Joint Lead Managers and Joint Bookrunners.