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Business

Investors swarm AUB’s debt paper

Lawrence Agcaoili - The Philippine Star

MANILA, Philippines — Rebisco Group-led Asia United Bank (AUB) raised at least P3 billion via the issuance of three-year fixed-rate bonds as investors swarmed its fund raising activity this month.

AUB president Manuel Gomez said the listed bank was delighted with the phenomenal response from the market, despite the abundance of competing issues in the market.

“This illustrates the high level of confidence investors have in AUB. We have decided to close our offering early as the current volume is already much more than our original fundraising target,” Gomez said.

AUB received orders amounting to almost three times the planned issue size of P3 billion. The bonds due 2022 fetched 4.625 percent.

Abel Dorotan, first vice president and investment banking group head at AUB, said the orders reached already close to three times the original target of P3 billion.

“As of today, we cannot yet give the total final size as the offer is still ongoing until later in the day. We would still have to collate and tally all the orders from our selling agents, and that info may be available by tomorrow,” Dorotan told The STAR.

Due to overwhelming demand, the bank ended the offer period two days earlier than originally scheduled.

Gomez earlier said the bonds are considered a solid investment due to the bank’s focused growth strategy, innovative systems, robust financial standing, and sound funding profile driven by an effective management team.

“With the bank’s history of steady growth and robust financial performance, supported by tailored and innovative customer touchpoints, the AUB bonds will definitely bring more value to our investors’ investment portfolio,” he said.

The fund raising activity is part of AUB’s P30 billion bond program.

ASIA UNITED BANK
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