Vista Land Returns to the PDEx Organized Secondary MarketPosted on: August 8, 2017
08 August 2017, Makati Philippines – Vista Land & Lifescapes, Inc., one of the leading integrated property developers and the largest homebuilder in the Philippines, returned to the local debt market for the listing of its PhP 5 Billion Seven-Year and Ten-Year Fixed Rate Bonds in the Philippine Dealing & Exchange Corp. (PDEx) platform.
The newly listed VLL Bonds due 2024 and 2027, which carry an interest rate of 5.7512% and 6.2255% per annum respectively, have been assigned an “AAA” issuer rating by local debt watcher Credit Rating and Investors Services Philippines, Inc. (CRISP), indicating a stable outlook for the company.
Manuel Paolo Villar, President & CEO of Vista Land stated, “Over the last few years we made significant strides towards improving the company’s credit profile in particular. We have lowered the cost of our borrowing and extended the maturities of our debt instruments. This is the first 10-year peso retail bond issued by the Company.”
The VLL Bond due 2024 and 2027 is the first tranche of the PhP 20-billion retail bonds under shelf registration approved by the Securities and Exchange Commission and marks the 21st corporate bond to be listed in PDEx this year. This now brings the year-to-date total of new listings and enrollments to PhP 140.21 Billion, 150% higher than the same period last year while the cumulative level of Bonds listed or enrolled today stands at PhP 740.92 Billion issued by 46 companies comprised of 126 securities.
PDS Group President & CEO Cesar B. Crisol remarked: “The number of listings is a micro indicator of how investible funds, which are almost entirely domestic, remain sizable enough to supply the needs of corporate issuers that are now able to return to market in regular and more frequent intervals. This is a heartening sign that the Philippines is still within a virtuous cycle of economic growth, and we remain committed to do our part to keep this “engine of capital flow” running.”
The event was held at the PDS Assembly Hall in the presence of Vista Land Senior Officers including Chairman Manuel B. Villar, Jr., President and CEO Manuel Paolo A. Villar, Managing Director Camille A. Villar, and CFO Cynthia J. Javarez. The issue underwriters were also present led by China Bank Capital President Romeo D. Uyan, Jr., and China Bank President Ricardo R. Chua. #