BDO to offer P3 billion worth of notes

Sy-owned Banco de Oro Unibank Inc. is seeking fresh capital by issuing notes. Banco de Oro told the Philippine Stock Exchange on Tuesday that it would be offering P3-billion worth of Peso-denominated unsecured Notes as Tier 2 Capital, its second offering of T2 Notes this year. In June, the country's largest lender in terms of assets offered P8.5 billion. "The additional T2 notes will be used to supplement the bank's capital position and support its business expansion plans," Banco de Oro said. The T2 notes will carry a tenor of 10 years and three months for issue date and will have a call option exercisable by the bank after five years, subject to prior BSP approval. The offer period is from September 20 to September 30, 2011, with the issue date set for October 7, 2011. Joint lead arrangers and selling agents for the transaction are Deutcshe Bank AG, Manila branch, The Hongkong and Shanghai Banking Corp. and Standard Chartered Bank. Other selling agents are BDO Private Bank Inc. and Multinational Investment Bancorporation. In the year's first half, BDO said its earnings jumped 20 percent to P5 billion. The lender said it expects to meet its full-year guidance of P10.5-billion in earnings. - CMA/OMG, GMA News