banco-de-oro-prices-landmark-philippine-bond

Banco de Oro prices landmark Philippine bond

The bank succeeds in raising Ps10 billion in the largest domestic offering yet by a financial institution.
Banco de Oro in the Philippines raised Ps10 billion $230 million via a 10-year maiden bond offering last week, in what is the largest-ever issue by a financial institution in the countryÆs domestic debt market.

HSBC managed the transaction, which trumps MetrobankÆs Ps8.5 billion offering in October.

ôThe larger Philippine banks are quite aggressive and very optimistic in the growth of their loan portfolios. As a result, they are always looking at raising more capital in the market,ö says a source close to the deal.

In general, domestic markets across Asia have been relatively unaffected by the subprime storm that has brought offshore issuance to a halt. Philippine banksÆ exposure to toxic subprime mortgages and...
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