Philippines' Asia United taps HSBC as bookrunner for negotiable CDs

By Marisa Wong

Madison, Wis., Nov. 27 - Asia United Bank announced that it mandated HSBC as the arranger, bookrunner and a selling agent for the first tranche of its planned up to PHP 2 billion long-term negotiable certificates of time deposit.

Other selling agents include Asia United, First Metro Investments Corp. and Multinational Investment Bancorp.

As previously announced, the negotiable CDs will have a maturity of 5¼ years, and the interest rate will be between 3¼% and 3¾%.

The offer period will begin on Dec. 12.

The Pasig City, Philippines-based bank said before that this maiden issue will fund its lending operation and help finance the expansion of its branch network.

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