MANILA -- Sy-led BDO Unibank Inc.(BDO) has raised to P8.2 billion from an earlier P5 billion, the offering of its 5.5 years Long-Term Negotiable Certificates of Deposit (LTNCD) on the back of strong demand.
In a disclosure with the Philippine Stock Exchange (PSE) Friday, the bank said subscriptions reached Php12.3 billion or more than twice the original offer.
Due to the high demand for the LTNCD, which has an annual interest rate of 4.375 percent, the bank also cut the offer period by two days to April 26. BDO will issue on May 7 the debt instrument which will mature on November 7, 2023.
LTNCDs are higher-yielding products with long tenors compared to regular savings accounts. They are listed on the Philippine Dealing and Exchange (PDEx).
BDO management indicated it will use proceeds of the issuance to lengthen maturity of its funding sources and further boost its expansion plans.
It tapped Deutsche Bank AG, Manila Branch (DB) and ING Bank N. V., Manila Branch (ING) as joint lead arrangers and selling agents for the issuance, with BDO and BDO Private Bank as the other selling agents. (PNA)
