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Manila Bulletin devider Business devider Banking & Finance devider BDO upsizes bond issuance 23x to raise ₱115 billion

BDO upsizes bond issuance 23x to raise ₱115 billion

Published Jul 29, 2025 11:09 am
Nestor V. Tan, President and CEO of BDO Unibank, Inc.
Nestor V. Tan, President and CEO of BDO Unibank, Inc.
Top lender BDO Unibank Inc. of the SM Group has successfully raised ₱115 billion from its fourth peso-denominated Association of Southeast Asian Nations (ASEAN) sustainability bond issue—23 times its original offer of ₱5 billion.
The bank informed the Securities and Exchange Commission (SEC) that the oversubscribed public offering saw robust participation from both retail and institutional investors.
This had prompted the early close of the offer period on July 14, 2025, after only four days. The public offer period was set to run for two weeks, from July 9 to 22, 2025.
BDO’s latest ASEAN sustainability bond has a tenor of one-and-a-half (1.5) years and a coupon rate of 5.875 percent per annum. The issue, settlement, and listing date is on July 29, 2025.
The net proceeds of the issuance are intended to finance or refinance eligible assets as defined in BDO’s sustainable finance framework, support the bank’s lending activities, and diversify its funding sources.
ING Bank N.V., Manila Branch was the sole arranger and sustainability coordinator. BDO and ING were the selling agents.
“This marks the bank’s fourth peso-denominated sustainability bond following a ₱55.7-billion issue in July 2024, ₱63.3-billion issue in January 2024, and ₱52.7-billion issue in January 2022,” BDO said.
The SEC had confirmed that the proposed issuance complies with the requirements set forth under the ASEAN sustainability bond standards and the SEC ASEAN sustainability bond circular.
BDO’s ASEAN sustainability bond issue in July last year was more than 11 times oversubscribed versus the original offer size of ₱5 billion due to strong demand from both retail and institutional investors that also prompted the early closing of the offer period.
For its January 2024 issuance, BDO also upsized its ASEAN sustainability bond issue by more than 12 times to raise ₱63.3 billion also on the back of strong demand from retail and institutional investors.
Meanwhile, the ₱52.7 billion BDO raised in 2022 was more than 10 times the original offer of ₱5 billion due to very strong demand from retail and institutional investors.

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BDO Unibank Inc.
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