BDO loads up P6.5B from successful debt offer | Bilyonaryo Business News
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BDO loads up P6.5B from successful debt offer

The banking arm of the Sy family, BDO Unibank Inc. raised P6.5 billion after investors gobbled up its long-term negotiable certificates of time deposits (LTNCDs).

The banking arm of the Sy family, BDO Unibank Inc. raised P6.5 billion after investors gobbled up its long-term negotiable certificates of time deposits (LTNCDs).

The deal was oversubscribed by P1.5 billion more than the bank’s original offer amid strong demand from retail investors.

The LTNCDs have a coupon rate of four percent per annum and a tenor of five years and six months.

Other features of the LTNCD include tax exemption on interest income for individual investors if held for at least five years, quarterly interest payments, deposit insurance coverage with the PDIC up to a maximum of P500,000 per depositor and negotiability subject to market conditions.

ING Bank N.V. Manila Branch was the sole arranger and selling agent alongside BDO and BDO Private Bank.

 

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