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.
