Philippines' BDO Issuing P5-B LTNCDs
Banco de Oro plans to issue up to P5-billion worth of Long Term Negotiable Certificates of Deposit to support its growth objectives.
LTNCDs are covered by deposit insurance with the PDIC up to a maximum amount of P500,000.00 per depositor.
The LTNCDs will carry a maturity of seven years. The indicative coupon rate will be based on the prevailing 7-year PDST-F benchmark, and will be finalized at the end of the offer period. Interest will be paid quarterly and will be tax exempt for individual investors if held for more than five years.
The minimum investment is P100,000.00 with increments of P50,000.00. The offer period is from 26 September to 5 October 2012 with the issue date set for 15 October 2012. BDO however reserves the right to adjust the timing of the offer as needed.
Deutsche Bank AG, Manila Branch and The Hongkong and Shanghai Banking Corporation Limited are the Joint Lead Arrangers and Selling Agents for the LTNCD, while BDO and BDO Private Bank are the other selling agents.