MANILA, Philippines — Banco De Oro Unibank, Inc. (BDO) announced plans to issue approximately P5 billion worth of Unsecured Subordinated Notes qualifying as Tier 2 capital (T2).
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| Banco de oro unibank philippines |
Proceeds from the issuance of T2 notes will be used to fund BDO’s expansion plans and enhance the bank’s capital adequacy ratio, which stood at 14% as of March 31, 2011.
The T2 notes will have a maturity of 10 years and 3 months from issue date, with a call option exercisable by the bank after 5 years. The indicative interest rate for the T2 notes will be based on the 10-year PDST-F benchmark, and will be finalized at the end of the 2-week offer period. Interest will be paid quarterly and will be tax exempt for individual investors if held for more than 5 years.
The offering period is from 6-17 June 2011, with the issue date tentatively set for 27 June 2011. BDO reserves the right to adjust the timing and terms of the offer as needed.
Deutsche Bank AG, Manila Branch and The Hongkong and Shanghai Banking Corporation Limited are acting as Joint Lead Arrangers and Selling Agents. Multinational Investment Bancorporation (“MIB”) was also designated as selling agent while BDO, BDO Private Bank and BDO Capital will act as limited selling agents for the transaction.
BDO is a full-service universal bank that provides a complete array of industry-leading products and services to the retail and corporate markets including Lending (corporate, middle market, SME, and consumer), Deposit-taking, Foreign Exchange, Brokering, Trust and Investments, Credit Cards, Corporate Cash Management, and Remittances.
Through its subsidiaries, the Bank offers Leasing and Financing, Investment Banking, Private Banking, Bancassurance, Insurance Brokerage, and Stock Brokerage services. BDO has one of the largest distribution networks, with over 700 operating branches and more than 1,400 ATMs, nationwide.
As of March 31, 2011, BDO maintained its position as the country’s largest bank in terms of total resources, customer loans and total deposits, and had the second largest assets under management, based on published statements of condition
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