BDO issues $300-M Senior Notes

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BDO Unibank, Inc. (BDO) announced its issuance of USD 300 million in Fixed Rate Senior Notes under the Bank’s Medium Term Note (“MTN”) Program.

The Senior Note issue is part of the Bank’s liability management initiatives to tap longer-term funding sources to support dollar-denominated projects and effectively refinancing outstanding bonds worth USD 300 million maturing in February next year. The issue was priced at 2.630% with a maturity of five (5) years. The bonds were rated Baa2 by Moody’s.

With demand coming primarily from Asian investors, the transaction was three times oversubscribed and is the lowest ever coupon for any USD bond for a Philippine issuer.

Standard Chartered Bank and UBS AG acted as joint lead arrangers for the transaction.