Philippines' Banco de Oro raises PHP5 billion through high-yield deposit offer

By VCPOST Staff Reporter

Nov 28, 2013 03:47 AM EST

Banco de Oro (BDO) has raised PHP5 billion in a recent fundraising round. The leading lender in the Philippines attained the said amount through high-yield deposit offers. This was according to a report published by Inquirer.

According to a Thursday disclosure to the Philippine Stock Exchange, BDO had put an end to the book-building for long-term negotiable certificates of deposits (LTNCDs). The book-building was ended before the scheduled closing on November 29 because of strong demand, the report said.

BDO said, "The issue was well received by both retail and institutional investors, resulting in early over-subscription."

The bank started its LTNCDs offering on November 18. This latest portion of LTNCDs has a five-and-a-half-year term and 3.125% interest rate per annum. The issue date is on December 11, 2013. The maturity date is set on June 11, 2019, Inquirer reported.

Banco de Oro is a full-service universal bank. The bank is owned by SM Group of Companies, one of the largest conglomerates in the country. The group belongs to business tycoon Henry Sy, according to BDO's web profile.

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