SM Group’s BDO raises P115B in 4 days; AP Securities reaffirms stock market ‘Buy’ call

​Nestor Tan 

BDO president, CEO 

BDO Unibank raised a record P115 billion from its fourth ASEAN Sustainability Bond, closing the deal just four days into the offer period as demand surged 23 times over its P5 billion target.

The bond, originally set to run from July 9 to 22, 2025, drew strong retail and institutional interest, prompting an early close on July 14.

The issue carries a 1.5-year tenor and a 5.875 percent annual coupon, with settlement and listing set for July 29, 2025. 

Proceeds will finance or refinance eligible assets under BDO’s Sustainable Finance Framework, supporting lending and diversifying funding sources.

Shawn Atienza 

AP Securities research analyst 

AP Securities reaffirms buy rating

AP Securities reiterated its BUY rating on BDO with a target price of P180.18, citing 14.8 percent loan growth and first-half 2025 earnings of P40.6 billion. 

“We believe that BDO’s extensive network, coupled with its position as the country’s largest bank, sets them in prime position to lead this volume-driven growth,” said AP Securities research analyst Shawn Atienza.

He also noted deposits topped P4 trillion for the first time, positioning BDO to drive volume-led growth even as policy rate cuts pressure margins.

—Edited by Miguel R. Camus