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March 01, 2024

UnionBank offers first-ever digital peso bond offering

Union Bank of the Philippines led by bankero Edwin Bautista has started offering the country’s first-ever digital peso bonds to raise at least P1 billion.

The offering is a result of UnionBank’s partnership with the Phil. Depository & Trust Corp. (PDTC) to be a pilot user of PDTC’s Proof of Concept (POC) Digital Registry & Digital Depository utilizing distributed ledger or blockchain technology for registry and depository operations.

The fund raising activity is part of the existing P39 billion bonds program of the Aboitiz-led bank.

The listed bank is offering the digital peso bond with a tenor of 1.5 years and a fixed rate of 3.25 percent per annum until May 27 and will be listed on the Philippine Dealing & Exchange Corp. (PDEx) on June 2.

UnionBank has tapped the Hongkong and Shanghai Banking Corporation Limited (HSBC) and Standard Chartered Bank (SCB) are the joint lead arrangers and bookrunners on the transaction.

These institutions are also serving as selling agents for the offering together with UnionBank.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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