Sy-backed BDO draws massive demand for $500-M notes at 4.375%

The Sy family-backed BDO Unibank, the country’s biggest lender by assets, saw investors rush into its new bond sale, with demand hitting more than three times what was offered.

BDO raised $500 million through 5-year Senior Notes priced at 4.375 percent interest, making it the second-largest US dollar bond deal by a private Philippine company in 2025. 

Corporate giants tap foreign-denominated debt 

This was just behind BPI’s $800 million, and ahead of both SM Prime’s $350 million and Rizal Commercial Banking Corp.’s $350 million.

Total orders reached around $1.6 billion, showing strong investor confidence even with global rates still elevated, BDO said in a statement on Wednesday. 

The notes are expected to be rated Baa2 by Moody’s, with settlement slated for Dec. 3 this year. 

BDO plans to use the funds to support lending and day-to-day business needs, part of a push to secure longer-term funding.

Standard Chartered led the transaction, with MUFG and Wells Fargo as joint bookrunners and lead managers.

—Edited by Miguel R. Camus