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AUB raises P7B via bonds

Asia United Bank (AUB)
ASIA UNITED Bank Corp. raised P7 billion from its offer of three-year bonds.

ASIA UNITED Bank Corp. (AUB) raised a total of P7 billion from its three-year bond offer, above its original program on the back of strong demand.

The papers carry a coupon rate of 4.625% per annum, the bank said in a statement on Monday.

Initially, the lender targeted to raise at least P3 billion from the issuance.

“Due to the overwhelming demand, the bank had to end its offer period two days ahead of its original Oct. 30 schedule. The bank decided to issue only P7 billion as it was deemed to be the right balance between internal funding and investor reach,” the bank said.

The subscription process for the bank’s maiden bond offer was done using a fully digital platform.

China Bank Capital Corp. and First Metro Investment Corp. were the joint lead arrangers for the transaction. Meanwhile, Amalgamated Investment Bancorp. together with AUB served as selling agents.

The bonds were issued on Nov. 7 and were listed with the Philippine Dealing & Exchange on the same date.

AUB’s shares closed unchanged at P55 apiece on Monday. — L.W.T. Noble

The post AUB raises P7B via bonds appeared first on BusinessWorld.

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