UnionBank eyes P30-B bond issue

March 27, 2023

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UNION BANK of the Philippines, Inc. (UnionBank) plans to raise up to P30 billion from an issuance of peso-denominated bonds, it said on Monday.

The Aboitiz-led bank’s board of directors approved the issuance during its regular meeting held on Friday, UnionBank said in a disclosure filed with the local bourse.

“The bank has yet to establish the timetable and other details for the issuance,” it said.

The papers will be issued out of the bank’s bond program, which has been upsized to P50 billion from the P39 billion announced in 2019.

The increase in its bond program was also approved by UnionBank’s board of directors at the same meeting.

The bank previously said proceeds from its bond program will be used “to expand funding base, support business expansion plans, and for other general corporate purposes.”

UnionBank booked a net income of P12.673 billion in 2022, rising from the P12.578 billion posted in 2021, amid improved net revenues and net interest income.

Its shares climbed by 20 centavos or 0.23% to close at P85.50 apiece on Monday. — AMCS