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For the fifth consecutive year, Union Bank of the Philippines (UnionBank) registered a record-high net income of Php9.0 billion in 2013, 19% higher than the Php7.6 billion earned the previous year. Net interest income surged by 22% to Php8.9 billion underpinned by the robust expansion of earning assets. Similarly, other income rose by 17% to Php12.6 billion principally due to the surge in service charges, fees and commissions attributed to loan bookings of CitySavings. read more
Union Bank of the Philippines (UnionBank) issued today its debut offering of Long-Term Negotiable Certificates of Deposits (LTNCDs) in local currency, raising a total of Php3.0 billion. The fixed rate LTNCDs carry a coupon of 3.50% per annum, which is payable quarterly beginning January 18, 2014. The maturity date of the LTNCDs is on April 17, 2019. The net proceeds of the issuance will be utilized to improve the Bank’s deposit maturity profile and support business expansion plans. read more
Union Bank of the Philippines (UnionBank) is offering up to Php5.0 billion worth of Long Term Negotiable Certificates of Deposit (LTNCDs) in line with its initiatives to improve the maturity profile of deposits and in support of business expansion plans. The LTNCDs carry a maturity of five (5) years and six (6) months.  The indicative pricing is in the range of 3.25% to 3.50% per annum to be finalized at the end of the offer period.  The offer period will run from September 30, 2013 to October 11, 2013 read more
UnionBank registered a net income of Php4.0 billion for the first three months of 2013, an increase of 41% from the Php2.8 billion earned for the same period a year ago.  Net interest income improved by 16% to Php2.0 billion on sustained improvement in funding costs and expansion in earning assets.  Total other income rose by 35% to Php5.3 billion from Php3.9 billion mainly on account of the 27% increase in trading gains.  The bank’s strong first quarter earnings performance translated to a return on equity and return on assets of 31.9% and 5.4% , respectively.  Revenue-to-expense ratio continues to exceed the Bank’s target of 2.0x ratio at 2.4x . read more
UnionBank registered an unaudited record high net income of Php7.6 billion for the year 2012, an increase of 15% from the Php6.6 billion earned the previous year.  Net interest income improved by 5% to Php7.3 billion, as the decline in expense from interest bearing liabilities more than offset the drop in income from earning assets. read more
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April 16, 2014

This was an uneventful shortened week. The local bond market was on the holiday mode already since Monday. Only Php 4.-billion was dealt today, and these were mostly end account requirements.

Next week may start slowly as market players get back from their respective vacations, but the 2-year bond auction on Tuesdays could spur some early activity in short-dated securities.

BUYING: 44.150 | SELLING: 44.950
April 16, 2014

Philippine Peso Fixed Income 2014-04-15
240.355180 -0.410000% -3.000000%
Dollar Bond 2014-04-15
1.944186 1.940000% 0.260000%
Peso Balanced Fund 2014-04-15
150.585894 10.340000% -2.940000%
Large Cap 2014-04-15
756.657344 14.470000% 0.190000%
Peso Short Term Fixed Income 2014-04-15
130.230531 0.040000% 0.620000%
Long Term Fixed Income 2014-04-15
124.685493 -1.840000% -6.090000%
Intermediate Term Fixed Income 2014-04-15
150.950388 0.080000% 2.160000%
Infinity Prime 2014-04-15
150.207292 0.180000% 0.080000%
Tax Exempt 2014-04-15
169.552448 -0.350000% -4.290000%
Dividend Play Equity 2014-04-15
99.989876 -0.010000% -0.010000%

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