BDO Unibank Inc. completed its 60 billion Philippine peso rights offering.
The bank said the offering was oversubscribed and it expects to issue a total of 716,402,886 rights shares at 83.75 pesos per share. The rights shares will be listed on the Philippine Stock Exchange on Jan. 31.
The lender said the offering strengthens its common equity tier 1 capital and supports its medium-term growth objectives. It also provides a comfortable buffer over higher capital requirements with the imposition of the domestic systemically important bank surcharge.
Credit Suisse, UBS and BDO Capital served as joint global coordinators for the offering, while Citigroup, Goldman Sachs and HSBC acted as joint book runners. BDO Capital served as issue manager and domestic underwriter.
As of Jan. 25, US$1 was equivalent to 49.65 Philippine pesos.