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Manila Bulletin devider Business devider Banking & Finance devider BDO issuing P5-B ASEAN Sustainability Bonds

BDO issuing P5-B ASEAN Sustainability Bonds

Published Jan 9, 2024 06:04 am

BDO Unibank, Inc., a member of the Sy family’s SM Group, is again issuing Peso-denominated Fixed-Rate ASEAN Sustainability Bonds with a minimum aggregate size of P5 billion.

In a disclosure to the Philippine Stock Exchange, the bank said the net proceeds of the latest issuance will be used to diversify its funding sources, and finance or refinance eligible assets as defined in the Bank’s Sustainable Finance Framework.

The proposed issuance has a tenor of 1.5 years and bears a coupon rate of 6.025 percent per annum. The minimum investment amount is P500,000, with additional increments of P100,000 thereafter.

The offer period will run from January 9 to 22, 2024, while the issue, settlement, and listing date will be on January 29, 2024.

BDO noted that it reserves the right to amend the terms and the timing of the issuance as it deems necessary.

Standard Chartered Bank is the Sole Arranger of the proposed issuance, with BDO Unibank, Inc. and Standard Chartered Bank as the Selling Agents, and BDO Capital & Investment Corporation as the Financial Advisor.

The bank said the proposed issuance marks its second Peso-denominated ASEAN Sustainability Bond following a successful P52.7 billion issuance in January 2022.

The amount it raised in 2022 was more than 10 times the original offer of P5 billion due to very strong demand from retail and institutional investors.

“This was achieved despite the offer period being shortened from January 21, 2022 to January 19, 2022,” BDO said.

It added that, “This is a new milestone for the Bank as it exceeds its previous record of P40.1 billion for a single bond issuance, and by far the largest issuance for any Philippine financial institution or company.”

The bonds have a tenor of two years and a fixed rate of 2.90 percent per annum. Interest is payable quarterly, calculated on a 30/360 basis.

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