SM Prime Lists its PHP 10 Billion Fixed Rate Bonds on PDEx

SMPH Series J Fixed Rate Bonds Due 2022_

17 May 2019, Makati Philippines – SM Prime Holdings, Inc. (SMPH), one of the largest property developers in Southeast Asia, returned to the PDEx organized secondary market to list its PhP 10 Billion 3-Year Series J Fixed Rate Bonds, the final tranche of its Shelf Registered Bond Program of PHP 60 Billion approved by the SEC in 2016.

Today, SM Prime’s total outstanding listed issues stand at PHP 100 Billion or 9% of the total outstanding listed bonds on PDEx, and bring the SM Group’s total outstanding listed amount to PHP 243.34 Billion or 21% of the total PHP 1.17 Trillion outstanding listed corporate securities on PDEx.

PDEx President and COO Antonino Nakpil remarked: “The scheduled returns to the debt market by SM Prime and its peers within the Issuer community are continuing reaffirmations of the depth of the domestic investor market and the value of establishing a loyal base of bondholders. These leaderships by the veteran issuers such as SMPH are key highlights to be made to any would-be corporate bond issuer of fixed income, as we strive to expand the community toward a multiple of the current 49 listed corporate bond issuers.”

SM Prime Chief Finance Officer John Ong said in his message: “The net proceeds of the issue will help finance our capital expenditure program for the construction of new malls; expansion and redevelopment of existing malls and new office projects for the period 2019-2021.”

“At this point, allow me to reiterate SM Prime’s commitment of being a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people. Ending 2018, SM Prime has 72 malls in the Philippines offering 9.5 million square meters (sqm) of gross floor area (GFA) and seven malls in China with 1.3 million sqm of GF,” he added.

The event was graced by SM Prime CFO John C. Ong, SM Investments Corporation Treasurer Marcelo Fernando, Jr., BDO Capital & Investment Corporation President Eduardo Francisco, First Metro Investment Corporation President Rabonni Arjonillo, China Bank Capital Corporation President Ryan Tapia, China Banking Corporation CFO Patrick Cheng, BPI Capital Corporation President Rhoda Huang, and Bank of the Philippine Islands Corporate Products and Support Head Reggie Cariaso. #

Press Release SMPH Series J Bonds Due 2022

PNB Lists its Maiden Issuance of Bonds on PDEx

PNB Bonds Due 2021

08 May 2019, Makati Philippines – Philippine National Bank (PSE: PNB), one of the country’s largest private universal banks in terms of assets and deposits, listed its maiden PhP 13.87- billion two-year fixed rate bonds with a coupon rate of 6.30% per annum on the Philippine Dealing & Exchange Corp. (PDEx).

To date, the total new listings in PDEx stand at PhP138.69 Billion and set the total outstanding amount of listed corporate debt instruments at PhP1.16 Trillion issued by 49 companies, comprised of 172 securities.

PDEx President and COO Antonino A. Nakpil said, “The bank issuance train is certainly running at full steam, and with this listing, within the fixed income market the financial sector now accounts for 30% of the total outstanding face amount of bonds listed, up from 24% at year-end 2018, and now well ahead of the property sector (the former top sector).”

PNB President and CEO Wick A. Veloso remarked, “PNB wants to give retail investors the opportunity to invest in a variety of new products that support our thrust for safe and aggressive growth.”

The listing ceremony was graced by PNB President and CEO Wick A. Veloso as well as PNB EVP, Head of Strategy and Financial Advisory Chester Luy; PNB SVP, Chief Dealer and Head of Trading Division Noel Malabag; PNB SVP, Treasury Sales and Distribution Division Head Ma. Lourdes Liwag; PNB SVP, Head of BBG – Metro Manila Edilberto Ramos; PNB SVP, Head of BBG – Luzon Antonio Baculi; PNB FVP, Head of BBG – Visayas & Mindanao Carlo Dimaala; and Standard Chartered Bank CEO Lynette Ortiz.

Press Release_PNB Bonds Due 2021

Ayala Land, Inc. Lists PHP 8 Billion Fixed Rate Bonds Due 2026 on PDEx

ALI P8B Bonds Due 2026_

06 May 2019, Makati City – The property powerhouse, Ayala Land Inc. (ALI), listed the initial tranche of its PhP 50 billion SEC-registered shelf program, the PhP 8 billion 7-Year Fixed Rate Bonds on the Philippine Dealing & Exchange Corp. (PDEx) platform.

This ninth listing for the year brings the year-to-date total of new listings to PhP 124.82 billion and the total level of tradable corporate debt instruments to PhP 1.142 trillion issued by 49 companies, comprised of 171 securities.

PDEx President & COO Antonino A. Nakpil said: “Indeed, a listing year would not be complete without at least one issuance and listing from the most prolific Issuer of our Community. And we are pleased to see ALI continue to show the way for other would be corporate Issuers on how to strategically utilize the fixed income market to support its capital expenditures for various projects.”

ALI Chief Finance Officer, Chief Compliance Officer & Treasurer Augusto D. Bengzon remarked: “Today we are listing our PhP 8 Billion 7-year bond, the initial tranche of our second PhP 50 Billion shelf registration. Having fully deployed last October our initial PhP 50 Billion shelf, the company returned to the SEC this year as the first corporate to re-register for a fresh shelf. And with the SEC’s approval, Ayala Land is now assured of access to the debt capital markets for its funding requirements for the next three years.”

“This newly approved shelf registration is a testament to the success of the shelf registration rules introduced by the SEC. The shelf registration has greatly enhanced Ayala Land’s access to the debt capital markets by affording us the advantage of speed to market. In our experience, issuing from a shelf has allowed us to cut by one full month the time needed to bring an issue to market. And it is this ability to access the market in a timely and efficient manner that has allowed Ayala Land to secure optimal issue sizing and pricing” Mr. Bengzon added.

Also in attendance are representatives from the issuer, joint lead underwriters and joint bookrunners, including ALI Debt Management Head Ricardo Ulysses Tabije IV, BPI Capital Corporation Managing Director Francis Bonoan, BDO Capital & Investment Corporation First Vice President Jose Eduardo Quimpo II, China Bank Capital Corporation Directors Michael Chong and Grace Chua, First Metro Investment Corporation Executive Vice President Daniel Camacho and Senior Vice President Lalaine De Guzman, PNB Capital and Investment Corporation Senior Vice President Victor Abad and SB Capital Investment Corporation Co-Head and Managing Director Virgilio Chua. #

Press Release – ALI P8B Fixed Rate Bonds Due 2026

SMC Global Power Lists PhP 30 Billion Fixed Rate Bonds on PDEx

SMCGP Photo Release - 4-24-19
24 April 2019, Makati Philippines – The local debt market welcomed again SMC Global Power Holdings Corp. (SMCGP) for the listing of its PhP 30 Billion three, five, and seven-year fixed rate bonds – the first tranche of its approved PhP 60 Billion shelf-registration.

PDS Group President Ma. Theresa B. Ravalo expressed her delight on the yearly issuance and listing of SMCGP since its debut three years ago. “The oversubscription of this issuance, it is a testament that the SMCGP corporate name that it is able to tap the market in a sizeable amount amid competition from large issues of financial institutions.”

SMCGP General Manager Elenita D. Go remarked: “The funds provided by these Bonds come at an opportune time as our country faces the daunting challenge of ensuring that adequate and affordable supply of power is available to meet our constantly growing demand.”

“SMC Global Power stands ready to take on these challenges, and pursue a business model and an expansion strategy, all within a culture of excellence and innovation, that not only supports the Government’s national and regional energy policies and needs, but also unequivocally show that there are better ways of conducting day-to-day business operations in a socially and environmentally responsible manner,” Ms. Go added.

The month of April generated a stream of issuances from various industries, from banking to real estate and with this eighth listing, power generation. Year-to-date listings amount to PhP 116.82 Billion, a 152% increase year-on-year.

SMCGP’s fourth listing to the PDEx bourse raises its portfolio of listed securities to PhP 80 Billion which brings the total listing of the San Miguel Group to PhP 209.30 Billion, representing 18% of the total PhP 1.14 Trillion volume of outstanding securities listed on PDEx.

The event was attended by San Miguel Corporation Senior Officers including SMC Chief Finance Officer Ferdinand Constantino, SMC Head of Treasury Sergio Edeza, and SMCGP General Manager Elenita Go and Chief Finance Officer Paul Causon. The Issue Underwriters present were BDO Capital & Investment Corporation Senior Vice President Gabriel Lim, BPI Capital Corporation President Reginaldo Anthony Cariaso, China Bank Capital Corporation President Ryan Martin Tapia, PNB Capital and Investment Corporation President and CEO Gerry Valenciano, RCBC Capital Corporation President and CEO Jose Luis Gomez, SB Capital Investment Corporation President Noel Dayrit. #

Press Release – SMCGP Bonds Due 2022, 2024, 2026 FINAL

Century Properties Group Lists PhP 3 Billion Fixed Rate Bonds on PDEx

1CPG Photo

15 April 2019, Makati Philippines – Century Properties Group, Inc. (CPG) came back to the Philippine Dealing & Exchange Corp. (PDEx) local debt market to list its PhP 3 Billion three-year fixed rate bonds, following its maiden issuance five years ago.

The CPG Bonds, which carry a coupon rate of 7.8203%, were well received by investors resulting in an oversubscription of more than twice the original offer.

Century Properties Group Chief Operating Officer Jose Marco R. Antonio said: “CPG is both humbled and honored with the success of this bond. This is our second in our corporate history, the last one being in 2014. (And) we hope this definitely won’t be our last.

I was told that this is the first corporate bond deal to price in 2019. Due to the significant interest that has generated by this corporate bond, we were able to price at the tighter end of the indicative credit spread spectrum. Because of everybody’s collective hard work, we were close to two and a half times oversubscribed.

The bond proceeds for this raise shall be used primarily for affordable housing as well as our townhouse projects for launch. These are both part of our corporate strategy to diversify to allied real estate segments, and to create contributions from various revenue streams and platforms to be able to provide Century with sustainable and predictable cashflow as well as strong growth.”

PDEx President and COO Antonino A. Nakpil highlighted the frequent return of Issuers from the real estate sector with current level of PhP 314.80 Billion. This accounts for 28% of the total outstanding amount of bonds listed and 13 out of the 49 listed issuers on PDEx. He said, “For PDS’ part, we are working to expand the bond structures that will be available for listing or enrollment and thereby usable by Issuers and Investors for their funding and investment requirements, by as early as this quarter.”

With this seventh listing for 2019, the year-to-date total of new listings stands at PhP 86.82 Billion, up by 87% from the total volume a year ago. This also brings the outstanding amount of fixed income securities in PDEx to PhP 1.118 Trillion comprised of 169 securities.

The event was also graced by Century Properties Officers including Managing Director Jose Carlo R. Antonio and Chief Financial Officer Ponciano S. Carreon, Century Properties Brand Ambassador Pia Wurtzbach, and the Issue Participants who worked for this transaction led by China Bank Capital President Ryan Martin L. Tapia, China Bank President and CEO William C. Whang, Credit Rating and Investors Services Philippines, Inc. President Noel Leyco, and SGV & Co. Chairman and Managing Partner J. Carlito G. Cruz. #

PDS Press Release – CPG Bonds Due 2022 FINAL

BDO Lists PhP 7.32 Billion LTNCTD on PDEx

BDO Photo Release
12 April 2019, Makati Philippines – BDO Unibank, Inc. returned to the local debt market second time around this year to list its PhP 7.32 Billion worth of Long-Term Negotiable Certificates of Time Deposit (LTNCTD) on the Philippine Dealing & Exchange Corp. (PDEx) bourse.

“As always, the Bank remains overwhelmed by the solid demand from both retail and institutional investors, which for us continue to underscore the full confidence of the investing public in our institution,” said BDO Unibank Senior Vice President Paola Magpale. “We are grateful for the unwavering support that translated to an oversubscription which allowed the Bank to upsize the issue amount. The issued LTNCDs have a tenor of 5 ½ years carrying a coupon of 5.375%.”

Out of the six listings this year, five have come from the banking sector with a total of PhP 83.04 Billion worth of debt instruments out of the PhP 83.82 Billion. The total outstanding amount of bonds listed on PDEx rises to PhP 1.115 Trillion and of that total, PhP 332 Billion or 29.8% are from financial institutions. BDO has PhP 69.82 Billion or a 21% share of the listed issues from financial institutions.

PDEx President and COO Antonino A. Nakpil said: “From these positive developments, we can now look to apply the streamlined processes in bank issuances toward the corporate bond sector as well. Work is ongoing to standardize investor forms with the ultimate aim of facilitating the IPOs of debt instruments.”

The listing ceremony was graced by Issue Underwriters led by Deutsche Bank AG, Manila Branch Chief Country Officer Enrico Cruz and BDO Private Bank, Inc. Executive Vice President Stella Cabalatungan. #

Press Release – BDO LTNCTD Due 2024 FINAL

Metrobank Lists PhP 17.5 Billion Fixed Rate Bonds on PDEx

MBT Photo Release

11 April 2019, Makati Philippines – Metropolitan Bank & Trust Company (Metrobank) listed PhP 17.5 Billion three-year fixed rate bonds on the Philippine Dealing & Exchange Corp. (PDEx) organized secondary market, bringing the year-to-date total of new listings to PhP 76.50 Billion, up by 65% from the same period last year.

The newly listed MBTC bonds, which were upsized from the initial target of PhP10 billion, form part of Metrobank’s PhP 100 billion bond program. In total, Metrobank’s outstanding amount of fixed income securities listed on PDEx now stands at PhP 80.83 Billion.

This fifth listing for 2019 increases the total level of tradable corporate debt instruments in PDEx to PhP 1.108 Trillion raised by 49 companies with 167 securities being traded. #

Press Release – MBT Bonds Due 2022 FINAL

Alsons Lists PhP 780 Million Commercial Paper on PDEx

ACR Photo Release

29 March 2019, Makati Philippines – Alsons Consolidated Resources, Inc. (ACR) listed its PhP 780 Million Commercial Paper (CP) Program on the Philippine Dealing & Exchange Corp. (PDEx) organized secondary market, following Alsons’ PhP 100 Million CP maiden issuance last 26 October 2018.

This additional issue from Alsons increases its total outstanding listed amount to PhP 880 Million Commercial Paper.

The fourth listing for the year brings the year-to-date total of new listings to PhP 59 Billion, raising the total level of tradable corporate debt instruments in PDEx to PhP 1.102 Trillion listed by 49 companies with a total of 168 issuances. #

Press Release – ACR CP Program FINAL

PNB Lists its Largest LTNCTD Offer to Date on PDEx

PNB Photo Release

27 February 2019, Makati Philippines – Philippine National Bank (PNB) listed PHP 8.22 billion worth of Long-Term Negotiable Certificates of Time Deposit (LTNCTD) on the Philippine Dealing & Exchange Corp. (PDEx) bourse, the largest turnout in PNB’s offerings since it tapped the local debt market in 2014.

This third listing from the banking sector brings the year-to-date total of new listings to PHP 58.22 billion and sets the total outstanding amount of listed corporate bonds at PHP 1.10 trillion issued by 50 companies, comprised of 166 securities.

PDEx President and COO Antonino A. Nakpil commended the strong investor demand for PNB’s LTNCTD, which was nearly three times oversubscribed. He also highlighted the same positive experience of other listed bank issuers of LTNCTDs and bonds.

“This is clearly punctuated by the fact that in the four-month period from November 2018 up to today, the banking sector has now raised PHP 122.2 billion from their issues.  Most notably, the issuer banks have continued the conversion of short-term oriented depositors to longer-term oriented investors, important for the further development of our capital market”, Mr. Nakpil said.

PNB President and CEO Wick Veloso remarked: “We are grateful to our arrangers and to all those who have made this [offering] possible. This landmark transaction is a testament of how PNB aims to continue to improve for our customers, and at the same time move forward as a companion of the government in nation-building.”

The listing ceremony was also attended by PNB EVP and Chief Financial Officer Nelson C. Reyes,  and PNB EVP and Retail Banking Sector Head Bernie H. Tocmo. The Issue Joint Lead Arranger and Selling Agents led by The HongKong and Shanghai Banking Corporation Limited Treasurer and Head of Markets Roberto D. Baltazar, and ING Bank N.V., Manila Branch Country Manager Hans B. Sicat were also present. #

Press Release – PNB LTNCTD Due 2024_FINAL

BDO Lists the Largest Single Bond Issue Size on PDEx

BDO Photo Release

11 February 2019, Makati Philippines – BDO Unibank, Inc. (BDO), the country’s largest bank, listed on the Philippine Dealing & Exchange Corp. (PDEx) its maiden issue of PhP 35 Billion which marks the largest amount ever issued and listed through a single security.

PDEx President and COO Antonino A. Nakpil complimented BDO’s active participation and commitment in developing the capital market. He said that “first and largest” is consistent with BDO’s activities over the past 15 months in the USD-denominated segment of the capital markets, as it was the first Philippine bank to issue a USD-denominated Green Bond. “We understand that, to date, it also holds the record for issuing the largest USD-denominated Regulation S bond offering,” said Mr. Nakpil.

BDO Treasurer and Executive Vice President Dalmacio D. Martin remarked: “This deal allows us to effectively diversify our liquidity sources to support our business expansion. The 1.5-year bond was priced at a yield of 6.42%, equivalent to a spread of 25 bps over the GS benchmark. The tightness to the local sovereign risk, stands as a testament to BDO’s solid credit profile.”

With this bond listing, the SM group of companies’ cumulative level of outstanding securities listed on PDEx stands at PhP 226.02 Billion, representing 21% of the total of PhP 1.099 Trillion of Corporate Fixed-Income instruments listed in the organized market.

While this listing year started just this month, this second listing has already set the volume of new listings to PhP 50 Billion, a 100% increase from the same period last year. BDO is the fifth bank to issue bank bonds in the PDEx bourse, bringing the total volume of bank issues listed on PDEx to PhP 299.09 Billion.

The event was held at the PDS Group Assembly Hall and was also graced by the Issue’s Sole Arranger, Bookrunner, and Market Maker Standard Chartered Bank led by CEO Lynette Ortiz.

Press Release – BDO Bonds Due 2020_FINAL