The first blockchain offer for digital peso bonds in the Philippines brings $ 209 million
The first blockchain offer for digital peso bonds in the Philippines brings $ 209 million
- Unionbank has issued the country's first blockchain-based digital peso bonds, which brought $ 209 million
- The oversubscribed increase was eleven times as large as the bank had expected when it signaled its intention to spend at least 1 billion digital peso bonds
The Union bank of the Philippines has raised 11 billion pesos ($ 209 million) after investors have stood behind the very first blockchain-based peso bonds in the country.
The digital bonds of the Unionbank were via the digital register and the digital deposit site of the Philippine Depository & Trust Corp. Local media reported Thursday. The bonds were kept interoperable with the pension market of the Philippine Dealing & Exchange Corp.
The FinTech company Stacs based in Singapore was commissioned to provide the blockchain-based infrastructure for digital securities trading, which is required to facilitate the offer. Meanwhile, HSBC and Standard Chartered Joint Lead Lead were arranger and Bookrunner for the transaction.
The overrunned increase was 11 times higher than the bank had expected when it signaled its intention to raise at least 1 billion pesos Offer For digital peso bonds in May.
The listed bank intends to use the funds to partially finance the transfer of the domestic private customer business of the global bankruptcy giant Citi. At the end of last year, the Unionbank switched to the acquisition The Private customer business of Citi for 55 billion pesos ($ 1 billion).
The treasurer of the Unionbank and Head of Global Markets, Jose Emmanuel Hilado, said that the emission was a “building block” on the way of the bank for digitization and the upheaval of the industry.
In January, the IBM technology giant and the Swiss crypto wastewater Metaco were selected by the bank to protect digital assets in their balance sheet. In February 2018, the crypto-friendly bank joined a consortium of other domestic banks to use the blockchain-based payment platform from Visa.
The bonds have a term of 1.5 years with a fixed interest rate of 3.25 % per year and are for trading on the marketplace of Philippine Dealing & Exchange Corp.
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