Union Bank of the Philippines (UnionBank) successfully issued the country’s first-ever offering of digital peso bonds, raising an aggregate issue size of ₱11 billion. Despite the volatile rate backdrop, the robust participation from retail and institutional investors resulted to an order book eleven times its initial minimum offer size of ₱1 billion.
A first for the Philippines, this digital public bond offering and issuance marks a milestone and the success of this Proof of Concept (POC) paves the way for future utilization of Distributed Ledger / Blockchain Technology towards more automated and operationally efficient local capital markets. The digital bonds were issued through the digital registry and digital depository of the Phil. Depository & Trust Corp. (PDTC) utilizing infrastructure powered by #STACS blockchain and which new digital infrastructure was kept interoperable with the traditional trading to clearing infrastructure of the Phil. Dealing & Exchange Corp. (PDEx) Fixed Income Market.
“This pioneering issuance serves as a building block in UnionBank’s journey to embrace digitization and positive disruption in the industry. I am confident that this will be recognized globally as a game changing digital initiative in the field of finance.” said Jose Emmanuel Hilado, Treasurer and Head of Global Markets.
The bonds which have a tenor of 1.5 years and a fixed rate of 3.25% per annum were issued out of UnionBank’s existing ₱39 billion Bonds Program. The bonds are listed and available for trading on PDEx.
The Hongkong and Shanghai Banking Corporation Limited (HSBC) and Standard Chartered Bank (SCB) are the Joint Lead Arrangers and Bookrunners on the transaction. They are also the Selling Agents for the offering together with UnionBank.
Union Bank of the Philippines (UnionBank) has always been among the first to embrace technological innovations to empower its customers. It embraces the future of banking and is committed to be the Philippines’ leading digital bank to best serve the growing needs of Filipinos everywhere.
It has consistently been recognized as of one of Asia’s leading companies, ranking among the country’s top universal banks in terms of profitability and efficiency.
Over the years, UnionBank has garnered a record-breaking number of awards and recognition including “Asia’s Best Bank Transformation” from Euromoney; "Asia-Pacific Retail Bank of the Year" from Retail Banker International; "Top 2 Most Helpful Banks in Asia Pacific during COVID-19" from BankQuality Customer Survey and Ranking (BankQuality.com); three-time "Best Digital Bank Philippines" from Asiamoney and International Finance Magazine; "2020 Digital Banker of the Year in Asia-Pacific" for president and CEO Edwin R. Bautista, three-time "Digital Bank of the Year Philippines" from The Asset Triple A Awards; back-to-back Digital Transformer of the Year Philippines" from IDC's DX Awards Philippines; "Best Retail Bank Philippines 2020" from Global Banking and Finance, The Asian Banker and The Digital Banker; "Best in Asia Pacific Social, Sustainable & Responsible Banking" from Efma; "Domestic Retail Bank of the Year Philippines" from Asian Banking & Finance; back-to-back "Best Digital Bank Philippines" & "Most Innovative Cash Management Services Bank Philippines" from Global Banking and Finance; "SME Bank of the Year - Philippines" from Asian Banking and Finance; "Model Bank Award for Financial Inclusion 2020" from Celent Model Bank Awards; Top PESONet Volume Contributor" at the BSP Stakeholders Awards Ceremony 2019; "Employer of the Year" awards from Stevie Awards for Great Employers, Asian Banking and Finance, and HR Asia; and "Top Employer Brand of the Year" from Influential Brands' 2019 Asia CEO Summit.
Determined to be an enabler of the Philippines’ bid to be a G20 country by 2050, UnionBank stands firm in its promise to power the future of banking by co- creating innovations for its customers and for a better world.
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