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Union Bank of the Philippines raises US$400M in note issue

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Union Bank of the Philippines raises US$400M in note issue

Union Bank of the Philippines raised US$400 million through an issuance of fixed-rate senior notes.

The bank said the five-year notes will carry an annual coupon of 3.369% and will be issued under its medium-term note program. The issuance will settle Nov. 29.

The bank said it will use proceeds of the issuance to refinance its existing liabilities, expand its funding base and for other general corporate purposes.

Citigroup Inc. and Standard Chartered Bank are serving as joint lead managers and joint bookrunners, while China Bank Capital Corp. is acting as domestic lead manager.