Banco de Oro plans dollar notes issue


Posted at Oct 13 2010 07:19 PM | Updated as of Oct 14 2010 09:17 PM

MANILA, Philippines - Banco de Oro Unibank Inc., the country's largest lender by assets, plans to issue dollar- denominated senior notes this month, the bank said in a filing to the stock exchange on Tuesday.

"Proceeds of the senior notes are intended to support the bank's business expansion plans and for general banking and re-lending purposes," the bank, said without saying how much it wanted to raise from the issue.

Banco de Oro has mandated Citigroup and UBS as joint lead managers, and BDO Capital & Investment Corp. as co-manager for the sale of the 5.5 year notes that it plans to complete this month.

Banco De Oro, a unit of conglomerate SM Investments Corp., has said it expects its net profit to grow more than 30% this year from P6.1 billion in 2009.

Shares in Banco de Oro ended flat on Tuesday in a wider market that rose 0.7%.