UnionBank boosts bond program to P100B, plans multiple issuances

UnionBank of the Philippines increased its bond program to P100 billion on May 9 and plans multiple issuances, with the possibility of raising more funds from the debt market.

The bank's board approved this increase on February 28, alongside an $800 million debt issuance from its euro medium-term note program and a P30 billion bond issue from the expanded peso fundraising program.

UnionBank first launched its bond program in April 2019 with an initial amount of P39 billion, which was later increased to P50 billion on October 25, 2023.

The country's ninth-largest bank has yet to disclose a timetable for the issuance but is expected to take advantage of the Bangko Sentral ng Pilipinas' monetary policy easing cycle and rate cuts that make fixed-income securities more attractive to investors.

ING Bank N.V. Manila Branch and Standard Chartered Bank acted as joint lead arrangers for previous transactions, along with UnionBank itself.