As the investment banking subsidiary of the Philippines’ largest bank, BDO Unibank, BDO Capital has plenty of clout in the country. Add to that its longstanding deal-making strengths – across equities, bonds and advisory – and its ties with clients only become stronger.
That was particularly evident in the equity capital markets in the past year.
In the 2023 calendar year, only three IPOs were priced in the Philippines, with BDO working on one of them as a joint issue manager and joint lead underwriter: renewable energy company Alternergy’s P1.61 billion ($28.6 million) listing.
It was a slightly better market story in 2024, with the first half seeing three new listings. BDO worked on two of the larger ones: Citicore Renewable Energy Corporation’s $82 million IPO and OceanaGold’s $106 million deal.
In addition to IPOs, BDO was a formidable force on perpetual preferred share issuances. It was a joint lead underwriter and bookrunner on Ayala Corporation’s P13.1 billion perpetual preferred share issue, Acen’s P25 billion deal and San Miguel Corporation’s P34 billion outing – cementing its ECM credentials in the country.