MANILA, Philippines - BDO Unibank Inc. (BDO), the main banking unit of tycoon Henry Sy Sr., said its P5-billion long-term negotiable certificates of deposit (LTNCD) offering generated overwhelming response from investors.
In a disclosure to the Philippine Stock Exchange, BDO said its LTNCD offer last Aug. 30 was a success as it was hugely oversubscribed.
“The offer was oversubscribed by a good mix of retail and institutional investors,†it said.
The LTNCDs will mature in seven years and have coupon rate of 3.50 percent per annum. Interest will be paid quarterly and will be tax exempt for individual investors if held for at least five years.
Issue date is set on Sept. 12.
BDO said the issuance of the LTNCDs would support the bank’s growth objectives and help lengthen the maturity profile of its funding sources.
Standard Chartered Bank (SCB) and ING Bank N.V. Manila Branch (ING) acted as joint lead arrangers, selling agents and market makers for the LTNCD, while BDO and BDO Private Bank were the other selling agents.
BDO is a full-service universal bank which provides a wide range of corporate, commercial and retail banking services. These services include traditional loan and deposit products, as well as treasury, trust banking, investment banking, private banking, cash management, leasing and finance, remittance, insurance, retail cash cards and credit card services.