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Union Bank of the Philippines raises 5.8B pesos via bonds

Union Bank of the Philippines raised 5.8 billion Philippine pesos via an offering of bonds.

The bank initially planned to issue 3 billion pesos of bonds, but upsized the offering after strong demand from institutional and retail clients, according to a May 30 stock exchange filing.

The three-year bonds were priced with a coupon of 6.00%. They will be issued June 3 and listed on the Philippine Dealing Exchange.

Proceeds from the issuance will be used to supplement the bank's funding base, support business expansion plans and for other general corporate purposes.

HSBC and ING Bank N.V. Manila Branch are joint lead managers and book runners for the issuance.

As of May 30, US$1 was equivalent to 52.16 Philippine pesos.