UnionBank Kicks Off 2018 Listing in the PDEx-Organized Secondary Market with Maiden Issuance of PhP 3 Billion LTNCTDPosted on: February 21, 2018
21 February 2018, Makati Philippines – Union Bank of the Philippines listed its maiden issue of PhP 3 Billion Long-Term Negotiable Certificates of Time Deposit, joining the growing ranks of banks among the PDEx community of Issuers.
UnionBank President and CEO Edwin Bautista led the ringing of the listing bell to herald the start of trading of the first tranche out of its PhP 20 Billion LTNCTD approval from the Bangko Sentral ng Pilipinas.
While this is UnionBank’s first listing, it is the third firm from the Aboitiz Group to make forays into the organized market as both Aboitiz Equity Ventures and Aboitiz Power Corporation have been long-time members of the PDEx Issuer community.
With this listing, the Aboitiz Group’s cumulative level of outstanding bonds listed shall be PhP 48 Billion, representing 6.0% of the overall listed corporate bonds of PhP 795.53 billion.
In his opening speech, PDS Group President and CEO Cesar Crisol said: “Last year was a splendid year for the corporate bond primary market and for PDEx this meant new records in terms of the number new listings at twenty-nine (29) and the Total Face Amount of new bonds listed at PHP 207.43 Billion in a single year. And for 2018, we see a similar trend for bank issuers being sparked by the Bangko Sentral’s Circular 975, which indicates an approval process for Bank-Issued bonds and commercial paper that might match the efficiency of Malaysia’s lodge and launch regulatory process for corporate bonds.”
For his part, UnionBank Chief Finance Officer and Treasurer Jose Emmanuel Hilado said: “This is just the beginning. The purpose of the issuance is to improve the bank’s deposit maturity profile and support business expansion plans as we embark on a digital strategy.”
Other key executives present during the listing ceremony include UnionBank Deputy Treasurer Raquel Palang and Issue Underwriters led by Standard Chartered Bank CEO, Philippines Lynette Ortiz, Executive Director and Head of Capital Markets, Philippines Erwein Catoto, and Head of Financial Markets Philippines Lisha Felipe. #