UnionBank raises $160-M from Tier 2 notes

MANILA - Union Bank of the Philippines said on Thursday it had raised P7.2 billion ($160 million) from the sale of its first Basel III-compliant Tier 2 notes, exceeding the target size of P5 billion on robust demand for the paper.

The notes carry a coupon rate of 5.375 percent per annum.

It has a tenor of 10 years and 3 months and a call option after 5 years and 3 months.

The fund-raising exercise was aimed at increasing capital base to support its loans and investment businesses, UnionBank said in a statement.

source: www.abs-cbnnews.com