UNION Bank of the Philippines (UnionBank) successfully issued the country's first-ever offering of digital peso bonds, raising an aggregate issue size of P11 billion. Despite the volatile rate backdrop, the robust participation from retail and institutional investors resulted in an order book 11 times its initial minimum offer size of P1 billion.
A first for the Philippines, this digital public bond offering and issuance marks a milestone and the success of this Proof of Concept (POC) paves the way for future utilization of Distributed Ledger / Blockchain Technology towards more automated and operationally efficient local capital markets. The digital bonds were issued through the digital registry and digital depository of the Phil. Depository and Trust Corp. (PDTC) utilizing infrastructure powered by #STACS blockchain and which new digital infrastructure was kept interoperable with the traditional trading to clearing infrastructure of the Phil. Dealing and Exchange Corp. (PDEx) Fixed Income Market.
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