ABOITIZ-LED Union Bank of the Philippines on Monday started the public offer of 1.5-year senior fixed rate series F bonds due 2025 and three-year senior fixed rate series G bonds due 2026.In a statement, UnionBank said the bonds were being issued under a P50-billion bond program and that each tranche involved a minimum aggregate principal amount of P1 billion with an oversubscription option.The series F bonds and series G bonds carry per annum interest rates of 6.5625 percent and 6.6800 percent, respectively.The public offer period for the new bonds will end on Nov. 29, 2023.Concurrent with the offering, UnionBank extended to holders of its P8.115 billion series C bonds, with a fixed rate of 2.750 percent, and due Dec. 9, 2023, the option to sell to the bank in exchange for a subscription to any of the new bonds.The bond exchange period also started on Monday and will end on Nov. 24, 2023.Any interest accruing to the exchangeable bonds from the date of the last interest payment up to and including the issue date of the new bonds will be paid on the bond exchange settlement date on Dec. 4, 2023.The new bonds are intended to be issued, settled and listed on the Philippine Dealing and Exchange Corp. (PDEX) on Dec. 5, 2023.ING Bank N.V., Manila branch and Standard Chartered Bank (SCB) are the joint lead arrangers and bookrunners on the transaction. They are also the selling agents for the offering of the new bonds together with UnionBank.'ING, SCB, and UnionBank reserve the right to adjust the new bonds' public offer period, the bond exchange period, and the bond exchange settlement date as needed,' the bank said.'The bonds being offered or sold have not been and will not be registered with the Securities and Exchange Commission under the Securities Regulation Code of the Philippines and its implementing regulations.'UnionBank shares ended on Monday down 45 centavos, or 0.75 percent, at P59.50 each.