Aboitiz-led UnionBank offers PH’s first digital bonds

Union Bank of the Philippines announced the launch of its inaugural digital bond issuance to raise at least P1 billion.
This marks the first digital bond issuance in the Philippines, using Distributed Ledger Technology to further deepen the country’s capital markets.
UBP said this initiative was a result of its partnership with the Phil. Depository & Trust Corp. (PDTC) to be a pilot user of PDTC’s Proof of Concept (POC) Digital Registry & Digital Depository that utilize Distributed Ledger (DL) / Blockchain Technology for registry and depository operations.
The bonds have a tenor of 1.5 years and a fixed rate of 3.25 percent per annum. The offer period will run until May 27.
Hongkong and Shanghai Banking Corp. Ltd. (HSBC) and Standard Chartered Bank (SCB) are the joint lead arrangers and bookrunners for the transaction