Union Bank of the Philippines has successfully raised USD $282.5 million through a dual-tranche offering of peso-denominated fixed rate bonds. The Philippine-based bank stated it will use the proceeds to extend term liabilities, expand its funding base, and support general corporate requirements. It includes business expansion initiatives.
This issuance marks UnionBank’s re-entry into the domestic capital markets in 2023. It forms part of the bank’s expanded PHP 100 billion bond programme, which occurred on May 9, 2025.
This significant increase allows UnionBank the flexibility to conduct multiple future issuances of unsecured and unsubordinated peso bonds, tailoring the form, amount, tenor, and rate to market conditions and the bank’s evolving funding needs.
The program originally commenced on April 26, 2019, with an initial amount of PHP 39 billion. It was subsequently increased to PHP 50 billion on October 25, 2023, before its latest expansion.
The successful offering saw ING Bank, Philippine Commercial Capital (PCCI Capital), and Standard Chartered Bank acting as joint lead arrangers and bookrunners. These institutions, along with UnionBank, also served as selling agents for the bond offering.
Such a collaborative effort highlights the participation of key financial players in facilitating the transaction. The offering’s success provides UnionBank with additional resources to pursue its strategic objectives within the Philippine banking sector.
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