BDO to issue USD700-M notes

By , on September 1, 2017


FILE: BDO (PNA Photo)
FILE: BDO (PNA Photo)

MANILA — Sy-led Banco de Oro Unibank Inc.(BDO) will issue USD700 million fixed rate senior notes, the largest for a Philippine bank, as part of its liability management to strengthen its lending business and for its general corporate requirements.

In a disclosure with the Philippine Stock Exchange (PSE) Thursday, the bank said settlement of the five-and-a-half-year notes, which have a coupon rate of 2.950 percent and priced at 99.909 per 100, had been set on Sept. 6, 2017.

Moody’s Investors’ Service has given the bond a Baa2 rating.

Investors from Asia Pacific and Europe submitted a total of USD2.2 billion orders for this latest offering, the disclosure said.

It explained that the notes are the second drawdown from the bank’s Medium Term Note (MTN) Program. The bank initially tapped the program in October 2016 when it issued USD300 million worth of notes.

BDO tapped Bank of America Merrill Lynch, HSBC and Wells Fargo Securities as joint lead managers and joint bookrunners for the issuance while Mizuho Securities and MUFG acted as co-managers. (PNA)