In the photo are (from left) First Metro Investment Corporation Institutional Sales Department Head Peter Anthony Bautista, HSBC Wholesale Banking Head Michael Brennan, Metrobank Strategic Planning Division Head Jette Gamboa, PDS Group Head of Market Services Anne Bautista, and Metrobank Asset Liability Management Division Head Edgar Alan Guerrero.

03 July 2019, Makati Philippines – Metropolitan Bank & Trust Company (Metrobank) listed PhP 11.25 Billion of Series A Bonds Due 2021 on the Philippine Dealing & Exchange Corp. (PDEx) organized secondary market. This brought the year-to-date total of new listings to PhP 196.74 Billion, pushing PDEx’s total outstanding listed securities volume to PhP 1.2 Trillion.

This issuance, Metrobank’s second for the first half of 2019, has a 5.5% coupon rate paid quarterly over two years.

The Hongkong and Shanghai Banking Corporation Limited (HSBC) acted as arranger and selling agent, with Metrobank and First Metro Investment Corporation as co-selling agents. #

In the photo are (from left), Deutsche Bank AG, Manila Branch (Deutsche Bank) Head of Global Markets Michael Chua, Deutsche Bank Managing Director & Chief Country Officer Enrico Cruz, Security Bank Corporation (SECB) Executive Vice President & Treasurer Raul Martin Pedro, SECB Senior Vice President and Chief Dealer Orencio Andre Ibarra III, Philippine Dealing & Exchange Corp. President & Chief Operating Officer Antonino Nakpil and SECB Head of Treasury Sales Jim Yap.

28 June 2019, Makati Philippines – Security Bank Corporation (SECB) lists its maiden issue of 2-Year Fixed Rate Bonds on the Philippine Dealing & Exchange Corp. (PDEx). The PhP 18 billion SECB Bonds form part of SECB’s PhP 50 billion Bond and Commercial Paper Program.

“We shall today close the first half of 2019 with this listing number fifteen (15) and PHP 185.5 Billion of new listings for the year, 124% higher than the same period last year, and the total outstanding face amount of listed bonds to PHP 1.19 Trillion. All but five of the first semester’s listings have been from bank issuers; and with PHP 380.80 Billion of bonds outstanding, the financial sector has the largest share by volume of issues among the listed instruments,” said PDEx President and COO Antonino A. Nakpil.

“One might say we shall emulate Security Bank’s brand promise of ‘Better Banking’ to its clients, by facilitating “Better Listing” for our community of bank issuers,” he added.

For his part, SECB Executive Vice President and Treasurer Raul Martin A. Pedro remarked: “This maiden issuance in the Peso Bond market is meant to diversify our funding sources, creating a path to tap the capital markets again in the near future in order to optimize our funding costs and continue our focus on delivering best in class returns to our shareholders. It is the largest single issue of the Bank to date.”

Present in the listing ceremony were SECB Executive Vice President and Treasurer Raul Martin A. Pedro, SECB Senior Vice President and Chief Dealer Orencio Andre Ibarra III, SECB Senior Vice President and Head of Treasury Sales Jim Yap, and the sole lead arranger, Deutsche Bank AG, Manila Branch (Deutsche Bank) led by its Managing Director and Chief Country Officer Enrico Cruz.

PDEx Press Release_SECB Bonds Due 2021 Continue reading →

18 June 2019, Makati Philippines – Aboitiz Equity Ventures, Inc. (AEV) returned to the Philippine Dealing & Exchange Corp. (PDEx) organized secondary market with PhP 5 billion fixed rate bonds issued in two (2) tenors — Series A 6.0157% 5-Year Bonds Due 2024 and Series B 6.3210% 10-Year Bonds Due 2029.

This fourteenth listing for 2019 brings the year-to-date total of new listings to PhP 167.49 billion and the total level of tradable corporate debt instruments to PhP 1.17 trillion issued by 49 companies, comprised of 175 securities.

PDEx President and COO Antonino Nakpil said in his welcome remarks: “We are always delighted to see an issuer return for listings as these reaffirm the infrastructure’s role in fostering the relationship between Issuers and their Investors. Today’s listing is the first from a holding company for the year and marks only the fifth from a non-banking entity thus far. The bank bond issuance locomotive is powering a train with many cars. So getting this issuance through and between a slew of bank bond issues speaks well of both the loyalty of AEV’s bondholders as well as the quality of its finance professionals and advisors.”

For his part, AEV Senior Vice President, Chief Financial Officer and Corporate Information Officer Manuel Lozano remarked: “Across the group, we recognize the important role our food business plays in building nations by providing quality food on the table. With our business model well-positioned at the beginning of the food value chain, we are given the opportunity to nourish populations and contribute towards food security, one of the United Nations’ Global Sustainability Development Goals.”

The event was graced by AEV officers led by SVP, Chief Financial Officer and Corporate Information Officer Manuel Lozano, SVP and Group Treasurer Gabriel Mañalac, and First Vice President and Deputy Group Treasurer Maria Veronica So. Representatives from issue participants — BDO Capital & Investment Corporation First Vice President Jose Eduardo Quimpo II, First Metro Investment Corporation President Rabonni Arjonillo, BDO Unibank, Inc. – Trust Investments Group Vice President Michael Munsayac, BDO Unibank, Inc. Executive Vice President Cecilia Tan and Metropolitan Bank & Trust Company Vice President Eriberto Pedro Antonio Roxas — were also in attendance.

PDEx Press Release_AEV Bonds Due 2024 and 2029

04 June 2019, Makati Philippines – Rizal Commercial Banking Corporation (RCBC) returns to the PDEx organized market for the second time this year for its PhP 8 billion Fixed Rate ASEAN Sustainability Bonds Due 2021, the first peso bond issuance in the Philippines under RCBC’s recently established Sustainable Finance Framework.

This another pioneer issuance and listing of RCBC has itself sustained demand by bond investors as suggested by the oversubscription level of 1.6 times the planned issue amount of PhP 5 billion.

In his welcome remarks, PDEx President and COO Antonino A. Nakpil said: “We note that this issuance was made under RCBC’s recently established Sustainable Finance Framework, and this is the first bond issue from the Philippines aligned with the ASEAN Sustainability Bond Standards 2018, as well as the International Capital Market Association’s (ICMA) Sustainability Bonds Guidelines 2018. Most importantly, the bond complies with the SEC’s own Guidelines for the Issuance of Sustainability Bonds just released last 25 April 2019, kudos indeed to RCBC for this quick response to the SEC’s challenge for financial institutions to channel financing toward projects that meet environmental and social needs.”

RCBC Senior Executive Vice President and Treasurer Horacio E. Cebrero III remarked: “We are proud of these sustainable issuances as it demonstrates not just the Bank’s but also the investors’ commitment to the evolving efforts to uphold social and environmental responsibility in all business activities. We are likewise proud of the pioneering effort the Bank has introduced through sustainable financing options. It has enabled RCBC to expand engagement with various existing and potential stakeholders by opening up opportunities for new investors and lenders to participate in the Bank’s transition to a more sustainable future, and by supporting the focus of regulators in key priority projects such as the development of capital markets, innovations and financial inclusion.”

Today’s listing brings the year-to date total of new listings to PhP 162.49, a 102% increase from same period last year. The total volume of bank issues listed on PDEx now stands at PhP 359.08 Billion, increasing the total level of tradable corporate debt instruments to PhP 1.174 Trillion, issued by 49 companies with 174 securities.

The ceremony was held at the PDS Group Assembly Hall and was also graced by RCBC Deputy CEO Eugene S. Acevedo and ING Bank N.V., Manila Branch Managing Director Johnson Sia.

Press Release – RCBC Fixed Rate ASEAN Sustainability Bonds Due 2021

03 June 2019, Makati Philippines – Union Bank of the Philippines (UnionBank) returned to the PDEx organized secondary market for the listing of its 3-year PhP 5.8 billion second bond issuance. This followed UnionBank’s maiden issuance of PhP 11 billion in December 2018.

UnionBank President and CEO Edwin Bautista led the ringing of the ceremonial bell to herald the start of trading of the UnionBank Bonds Due 2022.

Today’s listing brings the year-to-date volume of new listings to PHP 154.5 Billion and the total corporate tradable debt instruments listed or enrolled at PDEx to PHP 1.166 Trillion, an 11% increase from year end 2018.

Philippine Dealing & Exchange Corp. President and COO Antonino Nakpil remarked: “We note that this second bond issuance of Union Bank was oversubscribed and upsized from the initial size of PHP 3 Billion. We trust that this would clearly dispel any notion that Union Bank’s support from its bondholders is virtual.”

“As we have said previously, we are keen observers of Union Bank’s progress as it leads its peer banks in exploring the bounds and applications of the new financial technologies in banking and payment systems, the so-called digital transformation. We monitor these developments with the belief that all advances in the payments space will apply to and cascade into the area of settlement systems and ultimately have the potential to reshape the market frameworks as we know them today,” Mr. Nakpil added.

For UnionBank’s part, Senior Executive Vice President, Treasurer and Chief Financial Officer Jose Emmanuel Hilado said: “UBP is happy to list the 3-Year P 5.8 B Peso Corporate Bond which was upsized from the original P 3 B issue amount. This will be an on-going program for the Bank due to the regulatory incentive of having a lower reserve requirement at 6% versus the usual 17%. This also provides local investors with an alternative investment product that can be traded in the secondary market.”

Other key executives present during the listing ceremony include UnionBank Financial Controller Francis Albalate and Deputy Treasurer Raquel Palang. Lead Arrangers and Bookrunners led by The Hongkong and Shanghai Banking Corporation Limited Head of Wholesale Banking Michael Brennan, Senior Vice President and Head of Global Markets Dondi Baltazar and ING Bank N.V., Manila Branch Diversified Corporates Director Rowena P. Bayoneta and Financial Markets Sales Director Jessica Chico were also in attendance. #

Press Release – UBP Series B 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

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

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

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

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