BDO closes largest equity capital raise in Philippines at $1.2b

BDO Unibank Inc has completed the largest equity capital raising in the Philippines at $1.2 billion (P60 billion).

“This represents another milestone for the bank, with the transaction considered as the largest equity capital markets transaction by a Philippine corporate entity to-date,” the listed bank said in its statement.

Credit Suisse, UBS and BDO Capital served as Joint Global Coordinators and together with the Joint Global Coordinators, Citigroup, Goldman Sachs and HSBC acted as Joint Bookrunners. BDO Capital served as Issue Manager and Domestic Underwriter.

Also Read: TPG Growth buys 40% stake in rural bank unit of Philippines’ BDO

The Sy-led bank earlier disclosed that it concluded P60 billion rights offering of common shares following the close of the offer period on January 24, 2017.

The offer saw strong participation from the BDO’s domestic and international investors and was oversubscribed.

At the listing date, slated on January 31, 2017 on the Philippine Stock Exchange, a total of 716,402,886 rights shares are expected to be issued at a price of P83.75 each.

Also Read: Philippines: BDO buys Security Bank unit’s credit card biz

BDO noted the offer strengthens its Common Equity Tier 1 Capital, and supports the bank’s medium-term growth objectives amid the country’s favorable macroeconomic prospects.

“This provides a comfortable buffer over higher capital requirements with the imposition of the Domestic Systemically Important Bank (DSIB) surcharge,” BDO added.

BDO’s last trading price on January 26 increased 1.96 per cent or P2.20 to close at P114.20 per share.

Also Read:

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Nomura, BDO form new brokerage firm

Philippines: BDO Unibank appoints Albert Yeo of Merrill Lynch and Co as new executive VP

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.