BDO hikes LTNCD offer on strong investor demand

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BDO Unibank, Inc. increased the offering of its long-term negotiable certificates of deposit (LTNCD) as it saw strong demand from investors.

In a disclosure to the local stock exchange on Friday, April 27, the Sy-led bank said it raised its LTNCD offer to P8.2 billion from P5 billion as it saw strong demand from both retail and institutional investors.

The offering, which started last week, booked total subscriptions of P12.3 billion, more than twice the offer the bank initially intended.

The latest tranche of long-term notes has a term of five and a half years with an interest rate set at 4.375% per annum. The issue date is on May 7, while the maturity date will be on Nov. 7, 2023.

BDO likewise shortened the offer period for its LTNCD to April 26, two days ahead of schedule. — Karl Angelo N. Vidal