Investors flocked to the Philippines’ UnionBank to support the country’s first-ever blockchain-based peso bonds, which garnered P11 billion (US$209 million).
Local media reported on Thursday that UnionBank’s digital bonds were issued through the Philippine Depository & Trust Corp.’s digital registry and digital depository. The bonds were kept interoperable with the fixed income market of the Philippine Dealing & Exchange Corp.
STACS, a Singapore-based fintech firm, was chosen to supply the essential blockchain-based digital securities trading infrastructure for the offering. Meanwhile, the transaction’s joint lead arrangers and book runners were HSBC and Standard Chartered.
When the bank announced its goal to raise at least 1 billion pesos in its digital peso bond sale in May, it expected an oversubscription of 11 times that amount.
The funds will be used to help support the publicly traded bank’s acquisition of Citi’s domestic consumer banking division. UnionBank paid P55 billion (US$1 billion) for Citi’s consumer banking arm late last year.
According to the reports, UnionBank treasurer and head of global markets Jose Emmanuel Hilado described the issue as a “building block” in the bank’s path to embrace technology and industry change.
The bank chose IBM, a tech giant, and Metaco, a Swiss crypto custodian, to secure digital assets on its balance sheet in January. In February 2018, the crypto-friendly bank joined a consortium of other local banks to use Visa’s blockchain-based payment technology.
The bonds have a 1.5-year tenor and a fixed rate of 3.25% per year, and they are traded on the Philippine Dealing & Exchange Corp exchange.
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