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Aug 31, 2017 @ 13:32

BDO raises $700M bonds from foreign investors


The good reputation of this Philippine bank has spread far and wide globally.

BDO Unibank, Inc. said it will soon be issuing $700 million worth of debt papers to international investors, after its second offering under its medium-term note program.

In a statement, the bank owned by bilyonaryo Henry Sy — the country’s richest man — said the second global bond issuance saw overwhelming demand at $2.2 billion, well above what BDO planned to raise.

The notes will comes with a coupon rate of 2.95% and will mature in 5.5 years. The bonds will be settled on Wednesday, Sept. 6.

“The Senior Note issue is part of the Bank’s liability management initiatives to tap longer-term funding sources to support BDO’s lending operations and general corporate purposes,” the bank told the Philippine Stock Exchange.

BDO tapped several powerhouse banks for the international offering: BofA Merrill Lynch, HSBC, and Wells Fargo Securities stood as joint lead managers and joint bookrunners, while Mizuho Securities and MUFG acted as co-managers for the transaction.

This follows a $300-million global bond sale in October 2016. BDO can still float up to $1 billion in dollar notes in the future.

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