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Manila Bulletin devider Business devider Banking & Finance devider BDO eyes P5 billion through third ASEAN sustainability bonds sale

BDO eyes P5 billion through third ASEAN sustainability bonds sale

Published Jul 7, 2024 11:47 pm

Sy-led BDO Unibank Inc. is planning to raise a minimum of P5 billion from its third peso-denominated fixed-rate Association of Southeast Asian Nations (ASEAN) sustainability bonds offering.

In a disclosure to the Philippine Stock Exchange (PSE) on Monday, July 8, BDO said that the issuance marks another significant step in the bank’s commitment to sustainability.

The Securities and Exchange Commission (SEC) confirmed that the proposed issuance complies with the ASEAN Sustainability Bond Standards and the SEC ASEAN Sustainability Bond Circular. 

This planned bond issuance will have a tenor of one-and-a-half years and a coupon rate of 6.325 percent a year, BDO said.

Investors looking to participate must meet a minimum investment amount of P500,000, with additional increments of P100,000 thereafter. 

The offer period is set to run from July 8 to 19, 2024, with the issue, settlement, and listing date scheduled for July 24, 2024.

The net proceeds from the issuance will be used to finance or refinance various sustainable projects aimed at promoting environmental and social initiatives. 

“BDO reserves the right to amend the terms and the timing of the issuance as it deems necessary,” the bank said.

ING Bank N.V. Manila Branch, has been appointed as the sole arranger of the proposed issuance, with BDO and ING serving as the selling agents and BDO Capital & Investment Corporation as the financial advisor.

"This marks the Bank’s third Peso-denominated Sustainability Bond following a P52.7 billion issue in January 2022 and P63.3 billion issue in January 2024," BDO said.

Last January 2024, BDO upsized its second ASEAN Sustainability Bond issue by more than 12 times to raise P63.3 billion on the back of strong demand from retail and institutional investors.

The bank said the original P5 billion offering saw a rapid build-up in orders resulting in the shortening of the offer period by a week to Jan. 16, 2024.

This marks the Bank’s largest single issuance, surpassing its first ASEAN Sustainability Bonds issue in January 2022 amounting to P52.7 billion.

The peso-denominated sustainability bonds bear a coupon rate of 6.025 percent and are due in 1.5 years. The issue, settlement, and listing date is on Jan. 29, 2024.

The net proceeds of the issuance are intended to diversify the Bank’s funding sources, and finance or refinance eligible assets as defined in the Bank’s Sustainable Finance Framework.

The P52.7 billion BDO raised in 2022 was more than 10 times the original offer of P5 billion due to very strong demand from retail and institutional investors.
 

Related Tags

BDO Unibank Inc. ASEAN Sustainability Bonds
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