BDO Unibank sets rights issue price at 24.9% discount

BDO Unibank, the Philippines’ biggest bank in terms of total assets, has fixed the price for its upcoming rights issue at Ps48.60 per share. The price represents a 24.9% discount to its 15-day volume-weighted average price VWAP and will see the bank raise about Ps43.5 billion $1 billion.

The discount is close to the maximum proposed by the bank when it first announced details of the offering almost two weeks ago. At the time it said it would sell the new shares at a discount of up to 20% to 25% versus the 10- to 15-day VWAP.

The price represents a discount of about 20%...