By Marisa Wong
Madison, Wis., Sept. 3 - BDO Unibank, Inc. said it closed its oversubscribed offer of long-term negotiable certificates of deposit last Friday. The company sold PHP 5 billion of 3½% negotiable CDs due 2020.
The company originally announced that it would offer up to PHP 5 billion of seven-year negotiable CDs from Aug. 20 to Aug. 27. On Aug. 23, the company extended the offer period until Aug. 30 due to the suspension of work in Metro Manila as a result of monsoon rains.
The CDs will be issued on Sept. 12. Settlement was previously slated for Sept. 5.
Standard Chartered Bank and ING Bank, Inc. were the joint lead arrangers and selling agents. BDO and BDO Private Bank were the other selling agents.
The Makati City, Philippines-based bank said the offering is part of its effort to lengthen the maturity profile of its funding sources and support its medium-term growth objectives.
The bank also commented that the offer was oversubscribed by a good mix of retail and institutional investors.
| Issuer: | BDO Unibank, Inc.
|
| Issue: | Long-term negotiable certificates of deposit
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| Amount: | PHP 5 billion
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| Maturity: | Seven years
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| Coupon: | 3½%, payable quarterly
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| Price talk: | 3%-3¼%
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| Agents: | Standard Chartered Bank and ING Bank, Inc. (joint lead arrangers and selling agents), BDO and BDO Private Bank (selling agents)
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| Offer period: | Aug. 20 to Aug. 30
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| Settlement date: | Sept. 12
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