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Manila Bulletin devider Business devider Banking & Finance devider BDO bonds draw $1.6-billion in orders for $500-million issue

BDO bonds draw $1.6-billion in orders for $500-million issue

Published Nov 26, 2025 10:11 am
Top lender BDO Unibank Inc. (BDO) announced it is raising $500 million from the issuance of five-year Fixed Rate Senior Notes under its Medium Term Note Program.
In a disclosure to the Philippine Stock Exchange, the bank said that the transaction was more than 3.2 times oversubscribed, with orders reaching approximately $1.6 billion.
The Senior Notes will carry a coupon rate of 4.375 percent per annum and are expected to be rated “Baa2” by Moody’s Ratings. Settlement is slated for Dec. 3, 2025.
“The Senior Notes issue is part of BDO’s liability management initiatives to tap longer term funding sources to support BDO’s lending operations and for general corporate purposes,” the bank said in a statement.
Standard Chartered Bank acted as sole global coordinator. Standard Chartered Bank, MUFG, and Wells Fargo Securities served as joint bookrunners and joint lead managers for the transaction.
BDO also highlighted its recent peso-denominated debt offerings. In July, the bank raised ₱115 billion from its fourth Peso-denominated ASEAN Sustainability Bond issue, which was 23 times its original offer of ₱5 billion.
The oversubscribed public offering drew robust participation from both retail and institutional investors, prompting an early close of the offer period on July 14, 2025, after only four days.
BDO’s latest ASEAN Sustainability Bond has a tenor of 1.5 years and a coupon rate of 5.875% per annum. The issue, settlement, and listing date were July 29, 2025. The proceeds are intended to finance or refinance eligible assets under the Bank's Sustainable Finance Framework, support lending activities, and diversify funding sources.
“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 noted.
BDO’s ASEAN Sustainbility 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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