Unionbank upsizes Notes issue to $500 M

Union Bank of the Philippines has upsized its 3.369 percent Senior Notes issuance to US$500 million from the original US$400 million worth of Notes maturing on November 29, 2022.

The Notes are issued under UnionBank’s Medium Term Note Program, which was established on November 14, 2017, said the bank in a disclosure to the Philippine Stock Exchange.

The Notes, which are rated Baa2 by Moody’s, will be listed in the Singapore Stock Exchange.

The proceeds of the Notes will be used to refinance UnionBank’s existing liabilities, expand its funding base and for other general corporate purposes.

Citigroup Global Markets Limited and Standard Chartered Bank were mandated and acted as joint lead managers and joint bookrunners for the transaction.

This is the debut drawdown under the MTN Program, and follows a successful roadshow to meet with Singapore and Hong Kong investors last November 16 to 17.

Unionbank said earlier that the issue was more than eight times oversubscribed, with orders reaching over US$3.2 billion. Settlement will be on November 29, 2017.

With a strong orderbook from the investors across Asia, Europe, Middle East and Africa, this transaction represents the largest orderbook garnered by a Philippine bank issuer.