Phoenix Petroleum’s PhP 7 Billion Commercial Paper Program Caps 2018 Listings on the PDEx Organized Secondary Market

PNX Photo Release

27 December 2018, Makati Philippines – Phoenix Petroleum came back to the Philippine Dealing & Exchange Corp. (PDEx) bourse for the second time this year for the listing of a new Commercial Paper Program with an initial tranche of PhP 7.0 Billion out of the PhP 10 Billion approved program by the Securities & Exchange Commission.

This 29th and last listing for the year marks Phoenix’s fifth return to the podium. It was in 2014 when Phoenix debuted in the local debt market with the first ever listing of a Short-Term Commercial Paper (STCP); and that issuance paved the way for other Issuers to follow.

Phoenix Petroleum Chief Finance Officer Ma. Concepcion De Claro said: “Since the start, we have recognized the role of financial markets as a dynamic source of funding for our initiatives. This is why, today, we mark another milestone with the biggest issuance of STCP at 10 billion pesos.”

The local debt market finished the year with a total of PhP 256.39 Billion in new listings, representing a 24% increase from last year‘s figures. The total outstanding amount of bonds listed and enrolled in PDEx reached PhP 1.049 Trillion for a 32% increase from 2017.

PDS Group OIC Ma. Theresa Ravalo hoped that the buoyancy in the primary market continues into the coming year. “We assure you of PDS Group’s commitment toward innovation, investor protection, and fostering greater efficiency of the markets in which we are engaged,” concluded Ms. Ravalo.

The event was also graced by Phoenix Petroleum Officers including Chief Operation Officer Henry Albert Fadullon, Treasurer and Head of Corporate Finance Joseph John Ong, and AVP – Treasury Reynaldo Phala. PNB Capital and Investment Corporation Vice President Sabino de Leon III was also present, being the Lead Sole Issue Manager, Lead Underwriter, and Sole Bookrunner for this issue. #

Press Release – PNX CP Due 2019 FINAL

Vista Land Caps Corporate Bond Listings on PDEx with its PhP 10 Billion Fixed Rate Bonds Due 2023 and 2025

VLL Photo Release

21 December 2018, Makati Philippines – The listing of Vista Land’s (VLL) PhP 10 Billion five-year and seven-year bonds capped the corporate bond issuances in the Philippine Dealing & Exchange Corp. (PDEx) for 2018. This brings the total face amount of new bonds listed to a record of PhP 249.39 Billion, a 20% increase year-on-year.

The VLL Bonds Due 2023 and 2025 form part of the second tranche of Vista Land’s original approved PhP 20 Billion shelf registration, which started at an initial amount of PhP 5 Billion and rose to twice its size to PhP 10 Billion.

Vista Land President and CEO Paolo Villar said: “The continued development of the capital market is of critical importance to our country and of course to companies like Vista Land, we do appreciate the efforts being exerted by the PDS Group leadership to make the market environment more attractive and investor friendly.”

This 28th listing for the year increases the total outstanding amount of bonds listed on PDEx to PhP 1.04 Trillion issued by 50 companies comprised of 162 securities.

PDS Group OIC Ma. Theresa B. Ravalo remarked: “As we look back at 2018, this year has really been the year of investors. As a segment they have established their consistency of demand regardless of how difficult the conditions have been in the fixed income secondary market, accounting for 63% of the traded volume in this fixed income market.”

Ms. Ravalo also highlighted the Group’s effort to sustain the momentum for fixed income issuances into next year by leveraging on the experience and expertise of Bloomberg as a platform in the fixed income market. “We have already initiated discussions on various instrument types that the Bloomberg pricing engine can accommodate. We look forward to the launch of one or two of these structures within the early part of 2019,” said Ms. Ravalo.

The event was graced by Vista Land Officers and Directors including Chairman Manuel B. Villar, Jr., Director Camille A. Villar, Senior Officer of MB Villar Company Jerry M. Navarrete, Chief Operating Officer Cynthia J. Javarez and Chief Financial Officer, Brian N. Edang. The Issue Participants were also present including China Bank Capital Corporation Ryan Martin L. Tapia, China Banking Corporation President William Whang, Multinational Investment Bancorporation Chairman and President Marilou C. Cristobal, and Credit Rating and Investors Services Philippines, Inc. President Emmanuel A. Leyco. #

Press Release – VLL Bonds Due 2023 and 2025_FINAL

Union Bank of the Philippines Lists Maiden Issuance of PhP 11 Billion Fixed Rate Bonds Due 2020 on PDEx

UBP Photo Release

07 December 2018, Makati Philippines – The Union Bank of the Philippines (UBP) listed its maiden issuance of PhP 11 Billion Fixed Rate Bonds Due 2020 on the Philippine Dealing & Exchange Corp. (PDEx) organized secondary market. This marks the first tranche of UnionBank’s PhP 20 Billion multitranche bond and commercial paper program.

UnionBank is the third bank to list corporate bonds under the newly implemented guidelines that would facilitate banks’ access to funding through bond issuances. In just two months, there has been a total of PhP 46 Billion bank bonds listed in the PDEx bourse.

Union Bank Chief Finance Officer and Treasurer Jose Emmanuel U. Hilado expressed his delight to the overwhelming interest from both institutional and retail investors, increasing UBP’s initial offer size of PhP 5 Billion to PhP 11 Billion. Mr. Hilado is optimistic that with the features of the newly listed UBP bond, it could become a more liquid instrument that could help the development of the local capital market.

This 26th listing for the year brings the year-to-date total of new listings to PhP 221.39 Billion, an 18% increase from the same period last year, while the the total outstanding amount of corporate bonds listed on PDEx has crossed over the PhP 1 Trillion mark, making 2018 a banner year for the corporate bond primary market.

“We should also celebrate the “unity of purpose” that underpinned the establishment of the bank issued bond framework, as demonstrated by the keen and close coordination by both regulators, the Bangko Sentral and the Securities & Exchange Commission, and the underwriting community, as both of your underwriters today can rightfully attest. We hope to carry over such unity of purpose to each of the other initiatives we pursue together with industry and regulatory stakeholders in the coming year,” said PDEx President and COO Antonino A. Nakpil.

Union Bank President and CEO Edwin R. Bautista attended the event together with the joint lead arrangers, bookrunners and selling agents, The Hongkong and Shanghai Banking Corporation Limited President and CEO Graham Fitzgerald and Standard Chartered Bank CEO Lynette V. Ortiz. #

Press Release – UBP Bonds Due 2020 FINAL

Bank of the Philippine Islands’ Maiden Bond Issuance Brings the Corporate Securities Market to PhP 1 Trillion

BPI Photo Release

06 December 2018, Makati Philippines – Bank of the Philippine Islands listed its debut peso fixed rate bonds on the Philippine Dealing & Exchange Corp. (PDEx) organized secondary market. The PhP 25 Billion BPI Bonds, which form part of BPI’s PhP 50 billion bond and commercial paper program, is the largest single bond issue listed in PDEx.

This peso bond is BPI’s third fund raising in the capital markets this year. In April, BPI raised PhP 50 Billion in equity via rights offering while it raised $600 Million via debut US dollar bond in August.

BPI President and CEO Cezar P. Consing remarked: “The amounts raised indicate the confidence we have in our country and in ourselves; that we raised these amounts at compelling terms to us in a year when almost all financial assets globally registered negative returns, speaks to the strength and drawing power of BPI. More importantly, it speaks to our commitment to our country. The Philippines is on the roof and BPI is, as we have always done, stepping up to finance our country’s growth.”

BPI’s listing also set two milestones for the PDS Group, by being the inaugural bond issuance on the upgraded PDTC Fixed Income Registry System and bringing the Total Outstanding Face Amount of Corporate Securities listed on PDEx to PhP 1 Trillion.

This 25th listing for the year brings the year-to-date total of new listings to PhP 210.39 Billion, a 12% increase from the same period last year. This also makes 2018 a banner year with the highest volume of listings in a single year, exceeding the 2017 figure of PhP 207 Billion.

PDS Group Officer-in-Charge Ma. Theresa B. Ravalo and PDEx President and COO Antonino A. Nakpil expressed their gratitude to the entities that fueled the growth of corporate bonds, including the Securities and Exchange Commission (SEC), Intermediaries, and Issuers. They highlighted that the unity of purpose of all the stakeholders in supporting the principled approach to market development while nurturing investors, would sustain all PDS initiatives and guide the Group in assessing changes from the promise of new technologies or alternative structures and engagements.

The event was held at the PDS Assembly Hall and was graced by SEC Commissioner Ephyro Luis B. Amatong, BPI Directors and Officers including Chairman Jaime Augusto Zobel de Ayala, Director Ignacio R. Bunye, Director Octavio V. Espiritu, and Executive Vice President and Treasurer of Global Markets Segment Antonio V. Paner. It was also attended by the Issue Participants, The Hongkong and Shanghai Banking Corporation Limited President and CEO Graham Fitzgerald and BPI Capital Corporation President Reginaldo Anthony B. Cariaso. #

Press Release – BPI Bonds Due 2020 – FINAL

AEON Credit Service Philippines Enrols the Pilot Issuance in the Philippines under the Asean+3 Multi-Currency Bond Issuance Framework

AEON Photo Release

16 November 2018, Makati Philippines – AEON Credit Philippines enrolled its PhP 1 Billion Fixed Rate Notes Due 2021 and 2023 in the PDEx organized secondary market. This marked the first issuance in the Philippines under the ASEAN+3 Multi-currency Bond Issuance Framework (AMBIF) which the Asian Development Bank (ADB) has developed and promoted through its Asian Bond Market Initiative and ASEAN+3 Bond Market Forum.

AEON’s enrollment signified the expansion of the local debt market to new types of Issuers, being the first Restricted Issuer and Non-Reporting Company to enroll its securities in the organized secondary market, proceeding to a path that other Non-Quasi-bank finance firms may follow.

AEON’s three-year and five-year Notes are also the first Credit Guarantee and Investment Facility (CGIF)-Guaranteed Corporate Issuance in the Philippines under such format.

AEON Philippines President and CEO Takayuki Araki mentioned that proceeds from the issuance will primarily fund the operations of its Tricycle and 4-Wheel Loans. “AEON Philippines remains committed to AFS’ (AEON Financial Service Co. Ltd.) vision of building a financial platform aimed at serving more customers in more locations, thereby enabling each individual to maximize future opportunities through effective use of financial services. This AFS initiative likewise confirm AEON Philippines’ full support to the Philippine government’s goal of financial inclusion,” added Mr. Araki.

PDEx President and COO Antonino Nakpil remarked: “This is not a large amount to enroll by today’s standards, but the modesty of the amount belies the significance of today’s enrollment on multiple fronts.” Mr. Nakpil recognized and thanked the proactive support of the Securities and Exchange Commission (SEC), largely through Commissioner Ephyro Amatong, for facilitating the SEC approval of the guidelines that underlie this enrollment. He also expressed gratitude to the ADB and its CGIF for the patient perseverance in promoting the AMBIF and its continuing commitment to develop the ASEAN+3 bond markets.

This enrollment brought the 2018 year to date total amount of new listings to PhP 185.4 Billion and the total outstanding amount bonds listed to PhP 977.3 Billion, issued by 50 companies comprised of 158 securities.

The enrollment ceremony was held at the PDS Group Assembly Hall and was also graced by Asian Development Bank Principal Financial Sector Specialist Stephen Schuster, Credit Guarantee & Investment Facility Vice President Operations Boo Hock Khoo, First Metro Investment Corporation Senior Executive Vice President/ Head of Investment Banking Group Jose Pacifico Marcelo, and Metropolitan Bank & Trust Company Senior Vice President Antonio Ocampo, Jr.#

PDS Press Release – AEON Notes Due 2021 and 2023 FINAL

Metrobank Pioneers First Issuance and Listing of Bank-Issued Bonds in the Local Debt Market

MBTC Photo Release

09 November 2018, Makati Philippines – The local debt market welcomed the first issuance and listing under the newly implemented Guidelines for Bank-Issued Bonds with Metrobank’s PhP 10 Billion Fixed Rate Bonds on the Philippine Dealing & Exchange Corp. (PDEx) bourse. This 23rd listing of the year also marks the first corporate bond listing in the new PDEx fixed income trading system, Bloomberg FIQ trading, which was just launched on 29 October 2018.

PDEx President and COO Antonino Nakpil said: “It is fitting that these “firsts” are achieved by Metrobank, the first bank to list its securities in the organized market back in May 2009, the first bank to issue and list LTNCTDs under the clarified fiscal framework in 2014. And with this issue, it is first again to utilize the guidelines and “break in” the listing process in the new trading system.” He added that, “The path to this milestone in the local debt market was paved by the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission’s (SEC) joint and proactive efforts to facilitate banks’ access to funding through bond issuances, creating a positive nexus between banking reform and capital market development.”

Metrobank Senior Executive Vice President and Financial Markets Sector Head Fernand Antonio A. Tansingco was pleased to have set a roadmap for other banks follow. He also mentioned that this bank-issued bond is the first public instrument to be priced using the new benchmark curve, BVAL. “We were able to price this bond at the tight end of the spread guidance and have started a benchmark for bank credit. We got almost ten times of orders from our initial announcement,” remarked Mr. Tansingco.

SEC Commissioner Ephyro Luis B. Amatong graced the event and expressed his delight in the success of the pioneer issuance and listing of this instrument, especially as measured by the final size of the issue offered, PHP 10.0 Billion, and the fact that in order to accommodate investor demand, the final size was a fivefold increase from the original offering.

“We look forward to Metrobank’s follow on issuances as they move towards fulfilling their PhP 100 Billion of planned borrowing. Today’s issuance of bank bonds does not simply represent a new funding instrument for banks. Rather, it is one aspect of a broader, domestic capital market reform effort which involves close cooperation among the SEC, BSP, and the Bureau of the Treasury,” said Commissioner Amatong. He stressed that bank bonds will serve an important need in the current regulatory and interest rate environment as bonds provide longer term cost of funding certainty, which is valuable when rates are on the rise. He further expressed his hope that the success of this pioneer issue would spur other banks to utilize this new avenue of funding.

The listing of its bond brought Metrobank’s total face amount of instruments listed on PDEx to PhP 45.33 Billion, the total face amount of new bonds listed on PDEx for 2018 at PhP 184.39 Billion, and the total face amount of corporate bonds listed in PDEx to PhP 976.27 Billion, an increase of 23.18% over the 2017 year-end level of PHP 792.53 Billion.

Also in attendance were Metrobank Officers, Asset Liability Management Division Head Edgar Alan P. Guerrero, Markets Sales Group Head Angelica S. Reyes, Treasury Group Head Anthony Paul C. Yap, and the Issue Underwriters including Standard Chartered Bank Chief Executive Officer Lynette V. Ortiz and First Metro Investment Corporation Institutional Sales Department Head Peter Anthony D. Bautista. #

PDS Press Release – MBTC Bonds Due 2020 FINAL

Alsons Consolidated Resources, Inc. Debuts in the PDEx Organized Secondary Market

ACR Photo Release

26 October 2018, Makati Philippines – Alsons Consolidated Resources, Inc. (ACR) joined the ranks of the PDEx Issuer Community, listing its maiden issuance of PhP 100 Million Commercial Paper on the PDEx bourse. The offering forms part of Alson’s PhP 2.5 Billion Commercial Paper Program approved by the Securities and Exchange Commission under the Shelf-Registration Program.

This 22nd listing for the year marks the 140th listing since the organized secondary debt market opened in 2008. This brings the year-to-date total of new listings to P174.39 Billion, increasing the total volume of listed corporate debt to PhP 966.27 Billion.

For PDEx President and COO Antonino Nakpil, Alson’s listing is timely given the development of green financing in the country. “Today, we have Mindanao’s first independent power producer and a firm that is notably moving into the renewable energy sector. This certainly puts ACR and its projects on the radar screen of green-focused investment funds, an area of funding activity that has been growing significantly over the past two years,” Mr. Nakpil said.

Alsons Executive Vice President Tirso Santillan, Jr. remarked: “We’re looking to add up to 145 megawatts of renewable energy from the eight run-of-river hydro power facilities that we will be developing in various locations in Mindanao and Negros Occidental. This facility will give us the ability to bridge the financial requirements of our projects under development.”

In attendance were Alsons Directors Conrad Alcantara and Nicasio Alcantara, Alsons Chief Finance Officer Robert Yenko, and the Issue’s Sole Issue Manager, Lead Arranger and Underwriter – Multinational Investment Bancorporation President Marilou Cristobal.#

PDS Press Release – ACR Commercial Paper Program FINAL

AboitizPower Lists PhP 10.2 Billion Fixed Rate Bonds Series B Due 2024 and Series C 2028 on PDEx

Aboitiz Power Photo Release

25 October 2018, Makati Philippines – Aboitiz Power Corporation listed PhP 10.2 Billion Fixed Rate Bonds Series B Due 2024 and Series C Due 2028 on PDEx, the second tranche of its PhP 30 Billion Shelf Registration Debt Program.

AboitizPower in July last year issued PhP 3 billion 10-year fixed rate bonds to finance the equity infusion in GNPower Dinginin Ltd. Co. For this recent issuance, the company plans to use the proceeds to fund potential acquisitions, future investments, and refinance existing debt.

With these issues, the Aboitiz Group’s total outstanding face amount of bonds listed shall stand at PhP 58.2 Billion representing 6% of the total face amount of PhP 966 Billion corporate bonds listed on PDEx, and bring the year-to-date total of new listings to PhP 174.3 Billion.

PDEx President and COO Antonino Nakpil commended AboitizPower’s leadership in green bond initiatives. “The Aboitiz Group’s activities are certainly a worthwhile use of Philippine investors’ resources. And investors by far have established their segment’s constant and stable secondary market demand for fixed income instruments, where the Inter-dealer activity has fallen to a mere 37% of total activity, and investor related executions account for 63% of the secondary market,” Mr. Nakpil said.

“By raising funds for AboitizPower, we are able to give our investors a chance to be part of a growth story they believe in. The outcome has been reassuring. Despite market volatility, our base offer is fully subscribed. This enables us to further our brand promise of advancing business and communities,” said AboitizPower Chief Financial Officer Liza Luv T. Montelibano.

This 21st listing for the year was attended by Aboitiz Equity Ventures, Inc. Senior Vice President and Group Treasurer Gabby Mañalac and the Issue Participants including BDO Capital and Investment Corporation First Vice President Jose Eduardo Quimpo II, BPI Capital Corporation Managing Director Franz Bonoan, United Coconut Planters Bank First Vice President Arturo Lipio Jr., SB Capital Investment Corporation President Noel Dayrit, First Metro Investment Corporation Vice President Peter Bautista, BDO Trust and Investments Group Vice President Michael Munsayac, and BDO Unibank, Inc. Executive Vice President Cecil Tan.#

PDS Press Release – AP Bonds Due 2024 and 2028 FINAL

Petron Corporation Completes PhP 40 Billion Shelf-Registration Debt Program

PCOR Photo Release
19 October 2018, Makati Philippines – Petron Corporation listed its PhP 20 Billion Fixed Rate Bonds Series C Due 2024 and Series D Due 2025 on PDEx, completing its PhP 40-billion SEC approved Shelf Registration. The first tranche was offered last October 2016.

PDEx President and COO Antonino Nakpil mentioned that Petron is the third Issuer this year to list PhP 20 Billion worth of bonds, further evidencing the consistency of local investor demand for instruments. He also said that the demand for Petron’s second tranche was helped by the coupon rates of 7.82% and 8.05% per annum provided to bondholders.

“This is the dynamic of our advocacy, to have Philippine corporations, with each issuance keep building the trust and increasing the breadth of the domestic bondholder community and harnessing this funding resource to power their activities both local and regional,” he added.

For his part, Petron Corporation Senior Vice President and CFO Emmanuel E. Eraña remarked: “We are glad that the project received strong support from the investment community… The results…underscore not only our robust financials but also the trust and confidence of investors and partner institutions in Petron. These also reflect our market leadership and growth potential, supported by the largest refining complex in the country, an extensive logistics and retail network, and a strong corporate culture, including synergies with our parent company, San Miguel Corporation.”

This 20th listing for 2018 brings the year-to-date figures of PhP 164 Billion for the volume of new listings, and PhP 956 Billion in total outstanding listed volume by face amount. As a group, San Miguel Group’s total outstanding listed issues of PhP 192.11 Billion represents a 20% share of the overall outstanding listed bonds on PDEx.

The listing ceremony was held at the PDS Group Assembly Hall and was attended by Petron Senior Officers including Senior Vice President and Chief Finance Officer Emmanuel Eraña, Vice President and Treasurer Albert Sarte, Assistant Vice President and Controller Dennis Janson, Assistant Vice President for Corporate Affairs Charmaine Canillas, and Treasury Manager Sarah Joy Geronimo.

The Issue Participants who were also present include BDO Capital and Investment Corporation Senior Vice President Gabriel Lim, BPI Capital Corporation Managing Directors Chuqui Huang and Franz Bonoan, China Bank Capital Corporation President Ryan Martin Tapia, First Metro Investment Corporation President Rabboni Francis Arjonillo, PNB Capital and Investment Corporation President and CEO Gerry Valenciano, SB Capital Investment Corporation President Noel Dayrit, and RCBC Capital Corporation Vice President Michael Zapata.#

PDS Press Release – PCOR Bonds Due 2024 and 2025 FINAL

PBCOM Lists Maiden PhP 2.90 Bilion LTNCTD Due 2024 on PDEx

PBCOM Photo Release

08 October 2018, Makati Philippines – Philippine Bank of Communications (PBCOM) debuted in the Philippine Dealing & Exchange Corp. (PDEx) secondary market to list its PhP 2.902730 Billion Long-Term Negotiable Certificate of Time Deposit (LTNCTD) due 2024.

This year is turning out to be great for PDEx’s Bank Issuer Community as PBCOM is now the 10th bank to tap the capital market for its funding needs.

PDEx President and COO Antonino A. Nakpil said: “This is positive as well for the capital market as we have another bank converting more short-term-oriented depositors into long-term investors, and all the while reinvigorating these clients’ brand loyalty through these instruments. We trust that this is a positive experience for PBCOM as well and look forward to its return to the podium for more issuances and listings.”

PBCOM President and CEO Patricia May T. Siy remarked: “We are awed by the overwhelming response to our offer amidst a very trying time for financial markets. To all our stakeholders, we are very grateful and owe nothing but our utmost commitment to continue and grow as a Bank in order to become better partners in achieving their goals and dreams. We also express our gratitude for this opportunity to be able to participate in the Philippine Dealing Exchange as an Issuer.”

This 19th listing for the year reaches a year-to-date level of PhP 144.09 Billion in new listings and the level of PhP 935.97 Billion in total outstanding face amount of listed bonds, up by 25% from the same period last year.

PBCOM Officers who also attended the event were SVP and Branch Sales and Distribution Head Delbert S. Ang IT, VP and Treasury Sales Group Head Enrico L. Macaisa and VP and Treasury-Asset Liability Management Head Cherry Ann Vanessa B. Kimpo. Representatives from the Issue Underwriters were ING Bank N.V. Manila Branch Managing Director-Corporate Clients and Financial Institutions Ma. Socorro R. Valdes, and Development Bank of the Philippines AVP and Head-Capital Markets Department Mishaal I. Toribio. #

PDS Press Release – PBCOM LTNCD Due 2024 FINAL