Banco de Oro returns to equity markets

Philippines'' most active issuer raises $100 million from a GDR.

Banco de Oro Universal Bank BDO controlled by the Philippines Sy Family, has broadened its foreign shareholder base through a $100 million GDR issue. The 7.875 million unit deal was priced on Friday January 20 at $12.70 per unit.

Pricing at this level represented a 3.75% discount to the stock's 30 day moving average of Ps34.5 based on a ratio of one GDR per 20 shares. The secondary share offering had been marketed at a zero...

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