UnionBank Bares First-Ever Digital Peso Bond Offering

Union Bank of the Philippines (UnionBank) announced today the start of its public offer of digital peso bonds, with a minimum issue size of PHP1 billion.

Photo Insert: The offering is the first digital bond issuance in the Philippines, a result of UnionBank's partnership with the Phil. Depository & Trust Corp. (PDTC).

The offering is the first digital bond issuance in the Philippines, a result of UnionBank's partnership with the Phil. Depository & Trust Corp. (PDTC) to be a pilot user of PDTC's Proof of Concept (POC) Digital Registry & Digital Depository that utilize Distributed Ledger (DL) / Blockchain Technology for registry and depository operations.

UnionBank will issue the digital bonds from its existing ₱39 billion Bonds Program. The bonds have a tenor of 1.5 years and a fixed rate of 3.25% per annum. The public offer period will start from 23 May 2022 and end on 27 May 2022.*

At issuance on 02 June 2022, the bonds shall also be listed on the Phil. Dealing & Exchange Corp. (PDEx) for trading in the PDEx Fixed Income Market.

The Hongkong and Shanghai Banking Corporation Limited (HSBC) and Standard Chartered Bank (SCB) are the Joint Lead Arrangers and Bookrunners on the transaction. They are also the Selling Agents for the offering together with UnionBank.

*HSBC, SCB, and UnionBank reserve the right to adjust the offer period as needed.

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