MANILA, Nov 20 (Reuters) - Union Bank of the Philippines said on Thursday it had raised 7.2 billion pesos ($160 million) from the sale of its first Basel III-compliant Tier 2 notes, exceeding the target size of 5 billion pesos on robust demand for the paper.
The notes carry a coupon rate of 5.375 percent per annum. It has a tenor of 10 years and 3 months and a call option after 5 years and 3 months.
The fund-raising exercise was aimed at increasing capital base to support its loans and investment businesses, UnionBank said in a statement. (bit.ly/1BP3Z7W)
Reporting by Enrico dela Cruz; Editing by Biju Dwarakanath