BDO upsizes LTNCD issuance to P11.8B on strong demand

BDO (PNA Photo)

MANILA, Aug. 11 — Due to strong demand , Sy-led Banco de Oro Unibank Inc.

(BDO) opted to upsize the issuance of  Long-Term Negotiable Certificates of Deposits  (LTNCDs) from original amount of  PHP5 billion to PHP11.8 billion.

This is, so far, the biggest LTNCD issuance for a local bank.

In a disclosure with the Philippine Stock Exchange (PSE) Friday, the bank said it cut the offer period for the LTNCDs a day ahead of the supposed August 11, 2017 deadline because of the oversubscription.

The 5.5-year LTNCDs, scheduled for issuance on Aug.. 18 , 2017, has an annual interest rate of 3.625 percent.

BDO tapped Deutsche Bank AG, Manila Branch (DB) and ING Bank N. V., Manila Branch (ING) as Joint Lead Arrangers and Selling Agents for the issue, while BDO and BDO Private Bank were the other selling agents.

“The Bank would like to thank its clients and the investing public for their continued confidence and support for this issue,” the bank said. (PNA)