Three large companies in the Philippines, BDO Unibank Inc, Aboitiz Equity Ventures Inc, and East West Banking Corp, did individual offers in the local stock market from $167 million to over $557 million.
BDO raises $167.3m over LTNCD offer
BDO raised P7.5 billion ($167.3 million) from its issuance of long-term negotiable certificates of deposits (LTNCDs), surpassing its planned P5 billion size offer due to strong investor demand.
The bank even completed the offering two days earlier of its original schedule.
BDO disclosed to the stock exchange the LTNCD issuance is meant to lengthen the maturity profile of the bank’s funding sources as well as support its medium-term growth plans.
The duration of the issued LTNCDs is five and one half (5 1/2) years. Its final interest rate is 3.75 per cent per annum. The issue date will begin on April 6, 2015 that will end on October 6, 2020.
The joint lead arrangers and selling agents in the transaction were ING Bank NV Manila Branch and Standard Chartered Bank, while BDO and BDO Private Bank served as the other selling agents.
BDO’s trading price went up on Friday at 1.33 per cent or P1.60 to close at P121.50.
Aboitiz Equity approves sale of $557.8m bonds
Aboitiz said its board of directors has approved the issuance of fixed-rate retail bonds in the aggregate amount of up to P25 billion ($557.8 million).
The bonds are inclusive of oversubscription to be issued in one or more tranches depending on market conditions.
Aboitiz disclosed the proceeds of the bonds will be used to finance planned acquisitions, future investments and other general corporate requirements.
The company added it will be selling the bonds in the second half of 2015 set to be registered under the Securities Regulation Code.
Aboitiz last traded price on Friday was at P57.05, up by 0.09 per cent or P0.050 to Thursday’s P57.00.
East West bank to raise $175.8m via approved stocks rights offer
East West bank announced that the PSE’s board of directors has approved its application for its SRO price of P8 billion ($175.8 million).
Based on its application, the bank is set to sell and list up to 371,585,285 common shares at P10 apiece.
“The Bank expects that the net proceeds will be initially invested in interbank placements and investments allowed under BSP regulations, but will eventually be reinvested in loans to be disbursed within a period of six to 12 months,” East West said in its statement.
The SRO’s pricing date is set on April 13. The offer period will run on April 24 to 30, 2015. Tentative listing date is on May 8, 2015.
The bank’s last traded price went up by P0.100 or 0.41 per cent, closing at P24.60 on Friday.