AUB targets first bond issuance in Q4

ASIA UNITED Bank Corp. (AUB) is targeting to schedule the maiden issue out of its P30-billion bond program next quarter, which will also mark its debut in the onshore bond market.

AUB Executive Vice President Antonio V. Agcaoili, Jr. told BusinessWorld that AUB’s first issuance out of its bond program will be a fixed-rate note.

“Definitely it will be a fixed rate note. Hopefully we get to issue sometime in mid-Q4,” Mr. Agcaoili said in a phone message.

“No financial details yet as this is all market determined, i.e. coupon and all,” he added.

AUB last week said its board of directors has approved a P30-billion bond program, with terms, details and timing still yet to be set.

The Ng-led lender’s net income went up to P2.6 billion during the first semester, up by 63% from the first half last year.

This translated to a return on equity of 17.6% and a return on assets of 2.2% compared to last year’s 12% and 1.6%, respectively.

The bank attributed the improvement of its bottom line to securities trading and loan growth. — Beatrice M. Laforga