11 December 2020, Makati, Philippines — The Development Bank of the Philippines (DBP) returns to the local debt market with the listing of its PHP 21 Billion 2-year Fixed Rate Bonds on the Philippine Dealing & Exchange Corp. (PDEx). With a 2.500% discount rate per annum, this issue’s proceeds will fund various development projects in priority sectors of DBP.
DBP is a state-owned development banking institution committed to providing financial services to critical industries and sectors, including infrastructure and logistics, social services, small and medium enterprises, and the environment.

In his welcome remarks, PDEx President and Chief Executive Officer Antonino A. Nakpil congratulated DBP for the successful bond issuance that was more than four times oversubscribed its original offer size. He also expounded how this issuance may help the country recover from the crisis brought about by the COVID-19 pandemic.

“While not specifically tagged as a Sustainability Bond per se, we understand that the DBP Bond proceeds may nonetheless be used to fund primarily green projects, exercised to support various social projects, affordable basic infrastructure and houses, access to essential services, employment generation, food security, and socioeconomic advancement and empowerment. All indeed much needed especially in the coming year as the country looks to emerge from the public health crisis and now making DBP primed and ready to support the government’s national recovery plan,” said Mr. Nakpil.

In his message, DBP President and Chief Executive Officer Emmanuel G. Herbosa stressed how the pandemic has further highlighted DBP’s mandate of serving the country through sustainable growth and development initiatives.

“The pandemic has taught us that we are bigger than any challenges. We in DBP will continue to turn setbacks into opportunities to further advance our development mandate. We have become more unrelenting about making a positive difference with the well-being of every Filipino in mind,” said Mr. Herbosa.

DBP Chairman Alberto G. Romulo also shared a few words, highlighting DBP’s plans for the next year.

“As we all know, DBP’s post-pandemic interventions will continue on a heightened track. We are ready with a slew of innovative programs that are supportive of socioeconomic recovery and expansion, as well as of new investments to further stimulate commercial activity. We plan to channel more resources to further promote an environment ripe for development intervention in hard-to-reach segments and areas,” said Mr. Romulo.

This 35th listing for 2020 brings the year-to-date total of new listings to PHP 386.25 Billion, surpassing 2019’s record high of PHP 375.61 Billion. This pushes the total level of tradable corporate debt instruments to PHP 1.48 Trillion issued by 56 companies, comprised of 207 securities.

PDEx Press Release_DBP Fixed Rate Series 2 Bonds

09 December 2020, Makati, Philippines — Union Bank of the Philippines (UBP) lists its PHP 9 Billion 3-year and 5.25-year Bonds on the Philippine Dealing & Exchange Corp. (PDEx). The bonds carry an interest rate of 2.750% and 3.375% per annum, respectively, to be paid quarterly. The issuance exceeded its original size of PHP 3 billion backed by strong investor demand.

A trailblazer in the digital banking and financial technology scene, UBP is one of the largest universal banks in the Philippines and tenth largest bank in the country largely-owned by Aboitiz Equity Ventures, Inc.

In his welcome remarks, PDEx President and Chief Executive Officer Antonino A. Nakpil congratulated UBP and Standard Chartered Bank (SCB) for successfully listing the first scripless bond issue mirrored in tokenized form. He also highlighted the numerous awards and recognition UBP received this year for its digital banking initiatives.

For his message, UBP Senior Executive Vice President, Chief Financial Officer, and Treasurer Jose Emmanuel U. Hilado highlighted the other notable milestones of the issuance, as it is UBP’s first dual-tranche bank issuance, the first five-year bond issuance under the peso corporate bond guidelines of the Bangko Sentral ng Pilipinas, and the first time an online platform was used to subscribe to a UBP bond. He ended his speech by thanking the issue participants who brought this issuance to fruition.

The Hongkong and Shanghai Banking Corporation Limited and SCB are the Joint Lead Arrangers and Bookrunners on the transaction. They are also the Selling Agents for the offering together with UBP.

This 34th listing for 2020 brings the year-to-date total of new listings to PHP 365.25 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.46 Trillion issued by 56 companies, comprised of 206 securities.

PDEx Press Release_UBP Bonds Due 2023 and 2026

18 November 2020, Makati, Philippines — Filinvest Land, Inc. (FLI) returns to the local debt market today with the listing of its PHP 8.1 Billion 3-Year and 5.5-Year Fixed Rate Bonds at the Philippine Dealing & Exchange Corp. (PDEx). The bonds carry an interest rate of 3.3353% and 4.1838% per annum, respectively, to be paid quarterly.

Today’s issuance marks the seventh return of FLI to the local debt market. A leading real estate developer with over 50 years of experience, FLI will use proceeds from the issuance to finance FLI’s maturing debt and fund its capital expenditures and general corporate requirements.

In his welcome remarks, PDEx President and CEO Antonino A. Nakpil noted the positive market reception for the bonds as FLI was able to exercise a portion of its over-allotment option. He further said that, “This is certainly a good metric of bondholders’ trust and confidence in FLI’s securities and brand. And this trust is even more valuable as firms look to maintain public issuances as a viable alternative funding source, especially during times like today’s pandemic-stressed economic environment.”

On the other hand, FLI President and CEO Lourdes Josephine Gotianun-Yap shared the company’s growth since its last return to the local debt market. She also thanked its investor base for the robust demand for the FLI bonds despite the current health crisis.

“It has been 5 years since FLI’s last bond issuance. In the past 5 years, FLI has transformed from mainly a residential developer of mass market affordable and middle-income housing to a well-diversified real estate company growing its recurring income business significantly, especially in office development,” said Ms. Yap.

“We have tapped the long-term bond market to match our funding source with our project horizons. We are thankful for the continued trust of our investors that drove the demand for the FLI Bonds, which resulted in an oversubscription of P1.35 billion over the base amount of P6.75 billion, a remarkable feat during this challenging time of the pandemic,” added Ms. Yap.

This 33rd listing for 2020 brings the year-to-date total of new listings to PHP 356.25 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.47 Trillion issued by 56 companies, comprised of 207 securities.

PDEx Press Release_FLI Fixed Rate Bonds

17 November 2020, Makati, Philippines — Land Bank of the Philippines (LANDBANK) returns to the local debt market today with the maiden listing of its PHP 5 Billion Fixed Rate ASEAN Sustainability Bonds at the Philippine Dealing & Exchange Corp. (PDEx). The 2-year bond carries an interest rate of 2.5872% per annum to be paid quarterly.

Proceeds of the issuance will be used to finance LANDBANK’s various green projects for climate change mitigation and adaptation, as well as social projects for basic infrastructure and employment opportunity purposes.

PDEx President and CEO Antonino A. Nakpil mentioned in his welcome remarks the timely issuance of the bonds, given that it came just a few days after the succession of typhoons in the country. He also congratulated the bank for being recognized for its climate financing and digital banking initiatives.

“We understand that congratulations are also in order for LANDBANK for being recognized in the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Development Awards 2020 for its Green Climate Fund (GCF) Program, as well as its and Digital Onboarding System (DOBS),” mentioned Mr. Nakpil.

In her speech, LANDBANK President and CEO Cecilia C. Borromeo thanked their investors for the strong demand for Sustainability Bonds despite the current market conditions in light of the COVID-19 pandemic.

“We are also grateful to our investors for the overwhelming reception as we raised PHP 5 Billion from the initial PHP 3 Billion issue size. The offering was oversubscribed by more than five times with total bids reaching PHP 16.6 Billion on the very first day of our offer period. Amidst the backdrop of a recovering economic environment, we are pleased with the strong investor confidence in the Bank’s stable financial position,” said Ms. Borromeo.

This 32nd listing for 2020 brings the year-to-date total of new listings to PHP 348.15 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.47 Trillion issued by 56 companies, comprised of 205 securities.

PDEx Press Release_LBP Series A Bonds

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