Banco de Oro re-opens Philippines equity market

Signs of life in Philippines ECM with the prospect of two international equity deals before year-end.

The Philippines equity market has shown faint stirrings of life with the successful completion of a $50 million secondary offering by Banco de Oro and preparations for a second $30 million to $60 million deal by DMCI subsidiary Semirara ahead of the year-end.

The sale of 135 million secondary shares by BDO was designed to increase the lender's freefloat and the liquidity of a stock, which only trades about $50,000 a day. Unsurprisingly the Macquarie-led transaction represents a mammoth 1,000 days trading volume in the stock and three days volume for the whole exchange.

Liquidity on the Philippines Stock Exchange has successively sunk in the years following...

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