Banco de Oro debuts in dollar market

Bank issues first senior fixed rate bond from the Philippines since the Asian financial crisis.

One of the Philippines fastest growing and most dynamic banks made its debut in the international bond markets yesterday Thursday with a $150 million issue via UBS.

Ba2 rated Banco de Oro BDO priced a five non-put three transaction at 99.331% on a coupon of 6.5% to yield 6.75%. This equates to a spread of 449bp over Treasuries, or 414bp over Libor. Fees were 75bp.

At this level, the Sy family owned bank came 151bp over the sovereign, which has an October 2026 bond puttable in 2006 outstanding. On a like-for-like basis, it also came about 8bp to 9bp through its own parent, unlisted and unrated SM Investments SMI...

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