BDO Unibank, Inc., the country’s largest bank by assets, plans to tap international debt markets with a new dollar-denominated bond offering and has mandated a group of global banks to assess investor demand.


In a disclosure to the Philippine Stock Exchange on Monday, Nov. 24, BDO said the bank is planning a US dollar-denominated Regulation S only five-year fixed-rate senior unsecured benchmark offering.

The Sy-led lender has tapped Standard Chartered Bank as Sole Global Coordinator alongside MUFG and Wells Fargo Securities as Joint Lead Managers and Joint Bookrunners. These institutions will arrange a series of fixed-income investor calls starting Monday, Nov. 24.

The issuance of the notes may follow the investor calls, subject to market conditions, the bank added. BDO is rated Baa2 (Stable) by Moody's and BBB- (Stable) by Fitch.

“A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by Moody's and Fitch,” the bank noted.

BDO recorded a four percent improvement in net income to ₱63.1 billion in the first nine months of 2025, up from the ₱60.6 billion earned last year.

The bank attributed its consistent earnings growth to the strong performance of its core business segments and continued investments in technology and branch expansion. Return on Average Common Equity (ROCE) stood at 14.1 percent. Gross loans expanded by 14 percent, showing double-digit growth across all segments.

Net interest income grew by eight percent as gross customer loans climbed 14 percent to ₱3.5 trillion on broad-based growth across all market segments. Deposits expanded by 10 percent, with a current account and savings account (CASA) ratio of 67 percent. Non-interest income rose by 14 percent, fueled by a 15 percent growth in fee-based businesses.

Asset quality remained stable, with the Non-Performing Loan (NPL) ratio at 1.77 percent, and NPL coverage at 134 percent. Shareholders' equity increased by 10 percent on continued profitable operations, with Book Value Per Share up 10 percent to ₱116.42. The bank's CET1 ratio was higher at 14.4 percent versus 14.1 percent last year.

The Philippines is expected to demonstrate continued resilience despite global trade uncertainties from higher U.S. tariffs and local political issues, supported by stable inflation and strong domestic consumption, the bank noted.

BDO added that its robust capital foundation and diversified business portfolio position it well to navigate current risks and capitalize on emerging growth prospects.