AEON Credit Service Philippines Enrols the Pilot Issuance in the Philippines under the Asean+3 Multi-Currency Bond Issuance FrameworkPosted on: November 16, 2018
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.#