BDO raises $500 million  from offshore bond sale 

BDO Unibank Inc., the country’s largest bank, raised $500 million from the sale of five-year fixed-rate senior notes to global investors as demand for the offering soared.

A disclosure at the Philippine Stock Exchange (PSE) showed that the transaction, under BDO’s Medium Term Note (MTN) program, was more than 3.2 times oversubscribed, with orders totaling around $1.6 billion.

The senior notes carry a 4.375% annual coupon rate, with settlement set for December 3. Moody’s is expected to assign a “Baa2” rating to the notes.

Proceeds from the bond issuance will support BDO’s lending operations and general corporate purposes.

According to BDO, Standard Chartered led the transaction as sole global coordinator, while MUFG, Wells Fargo Securities and Standard Chartered acted as joint bookrunners and lead managers.

The attributable net income of BDO increased 6.1% year on year, or to P22.47 billion in the third quarter, bringing its nine-month profit to P63.09 billion.  This figure is 4.07% higher than the previous year.