Moody’s Investors’ Rating (Moody’s) on Wednesday assigned Banco de Oro Unibank (BDO) planned US dollar-denominated senior unsecured notes due in 2016 a Ba2 rating and stable outlook.
This after BDO, in a disclosure with the Philippine Stock Exchange (PSE) today, announced its plan to once again tap overseas fund sources through the issuance of dollar-denominated fixed rate bond that has a tenor of five and a half years.
The disclosure said the unsecured notes would be sold through a book-building process both here and abroad.
“The transaction is expected to close within October 2010,†it said.
BDO said proceeds of the notes would be used for “business expansion and for general banking and re-lending purposes.â€
It tapped Citi and UBS as Joint Lead Managers and Bookrunners for the issue while BDO Capital & Investment Corp. would serve as Co-Manager.
The bank’s other ratings by Moody’s include Ba1 with stable outlook for long-term local currency deposit rating, Ba3 with stable outlook for long-term foreign currency deposit rating, Not Prime and stable outlook for short term foreign currency deposit rating, and D with stable outlook on bank financial strength. (PNA)
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