UnionBank returns to dollars

US dollar_Adobe_19May
By Morgan Davis
16 Oct 2020

Union Bank of the Philippines (UnionBank) made a rare outing in the dollar market on Thursday, competing with hefty supply from Greater China to raise $300m.

The Baa2 rated borrower, the Philippines’ eighth largest bank by total assets, was last in the dollar market in 2017, according to Dealogic. That $500m 3.369% trade, which is set to mature in November 2022, ended UnionBank’s 13 year hiatus from dollars.  

Philippine banks are ...

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