BDO upsizes LTNCD offering to P11.8B to meet demand

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Citing strong demand from retail and institutional investors, BDO Unibank Inc. on Friday said it upsized its P5-billion offering of Long-Term Negotiable Certificates of Deposit (LTNCDs) to P11.8 billion.

In an emailed statement, BDO said the updated amount reflects an oversubscription of nearly 2.5 times of the P5-billion offering.

“As a result, BDO shortened the offer period for its issue to August 10, 2017, a day ahead of schedule,” the bank said.

“This transaction is the largest single issuance to date of LTNCDs by a local bank,” it added.

The latest tranche of BDO LTNCDs matures in five and a half years and carries an interest rate of 3.625 percent per year. 

The issue date is on August 18, 2017, while the maturity date is on February 18, 2023.

BDO said the issuance is part of efforts to diversify the maturity profile of funding sources and support business expansion plans.

 

Deutsche Bank AG-Manila Branch and ING Bank N. V.-Manila Branch were hired as joint lead arrangers and selling agents for the transactions, while BDO and BDO Private Bank were the other selling agents. — VDS, GMA News

from BDO upsizes LTNCD offering to P11.8B to meet demand

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