Union Bank of the Philippines on Monday started the public offer of its 1.5-year senior fixed rate series F bonds due 2025 and its 3-year senior fixed rate series G bonds due 2026. The offer ends 29 November.
The new bonds will be issued under UnionBank’s P50 billion bond program and each tranche will be offered with a minimum aggregate principal amount of P1 billion, with an oversubscription option.
The annual interest rate on the 1.5-year bond series F is 6.5625 percent while that for 3-year series G bonds is 6.6800 percent.
UnionBank said it is giving the holders of its P8.115 billion fixed rate series C bond carrying a 2.750 percent interest the option to exchange the bonds for the new series debt papers. The bond exchange starts Monday and ends on 24 November.
The new bonds will be issued, settled and listed on Philippine Dealing Exchange on 5 December.
ING Bank N.V., Manila Branch and Standard Chartered Bank are the joint lead arrangers and bookrunners on the bond offer.
