August 31, 2017 / 4:12 AM / a year ago

BDO to raise $700 mln in largest notes issue by a Philippine bank

MANILA, Aug 31 (Reuters) - BDO Unibank Inc said on Thursday it would issue $700 million in fixed-rate notes, the largest single transaction to date by a Philippine bank, to support its lending operations and meet other funding requirements.

The notes with a 5.5 year maturity and 2.950 percent coupon were priced at 99.909 per 100, the nation’s biggest lender said in a statement.

The transaction was oversubscribed, with orders reaching $2.2 billion, and settlement will be on Sept. 6, it said.

Bank of America Merrill Lynch, HSBC and Wells Fargo Securities were lead managers and bookrunners for the transaction, while Mizuho Securities and Mitsubishi UFJ Financial Group acted as co-managers.

BDO said the issue was part of its liability management initiatives and followed the first $300 million tranche issued in October last year under its $2 billion medium-term note programme established in 2012.

Moody’s Investors Service has assigned a Baa2 rating to the unsecured notes, which will be listed on the Singapore Stock Exchange. (Reporting by Enrico dela Cruz; Editing by Amrutha Gayathri)

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