Alsons Consolidated Resources, Inc. Raises PHP 1.4 Billion Commercial Paper on PDEx

ACR Press Release

ACR 07.16.2021

16 July 2021, Makati, Philippines — Alsons Consolidated Resources, Inc. (ACR) lists PHP 1.4 Billion worth of Commercial Paper (CP) on the Philippine Dealing & Exchange Corp. (PDEx), the initial tranche of ACR’s PHP 3 Billion CP Program. The ACR Series O and P were set at a discount rate of 3.25% and 3.75%, respectively.

PDEx President and CEO Antonino Nakpil welcomed ACR back to PDEx in his remarks. “It is always great to see an Issuer able to fit a return to the public debt market into its funding plans and this is no exception. We see this as clearly indicating that ACR’s forays into the public debt markets over the past few years have been beneficial for its investors who have in turn supported its activities in power generation.”, said Mr. Nakpil.

“The recent power outages in various areas and their effect on remote work arrangements starkly reminded us of the value of working from centralized office with uninterrupted power supply and generator support. So we are doubly pleased to see how the capital market supports ACR on its power generation goals”, added Mr. Nakpil.

On his part, ACR Chairman and President Nicasio I. Alcantara remarked: “With the initial listing of the first tranche worth PHP 1.4 Billion of our planned PHP 3 Billion Commercial Paper Program; we at Alsons Consolidated Resources are pleased with the opportunity to provide investors with an attractive alternative investment outlet as we once again tap the short-term capital market in our continuing quest to ensure the provision of safe, reliable and affordable power for the people of Mindanao and other areas of the Philippines”

This 12th listing for 2021 brings the year-to-date total of new listings to PHP 135.64 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.42 Trillion issued by 53 companies, comprised of 201 securities.

San Miguel Corporation Lists the First Tranche of its PHP 50 Billion Shelf-Registration Program

Press Release Tower Photo_SMC

SMC Listing Group photo

08 July 2021, Makati, Philippines — The local debt market welcomes the second half of the year with San Miguel Corporation’s (SMC) PHP 30 Billion Fixed Rate Bonds Series I Due 2027, with a put option in 2024. The 6-year bond carries an interest rate of 3.3832% per annum to be paid quarterly.

In his welcome remarks, PDEx President and CEO Antonino A. Nakpil remarked: “This is the first tranche of another SEC-approved PHP 50 Billion Shelf Program, and this six-year issue is the largest bond issued and listed by a non-financial institution. We are happy to also note the breadth of investors that this bond size reached, at 6,097 holders, which while not a record in itself is exceeded only by San Miguel’s own subsidiary SMC’s Global Power’s issues at 6,836 and 6,307 holders.

With this listing, SMC now has a total of PHP 90 Billion of bonds listed, accounting for 6.36% of the total outstanding corporate bonds listed. And for the entire SMC Group, its total amount of bonds listed reaches PHP 244.47 Billion or 17.21% of the total listed issues.”

Meanwhile, SMC Senior Vice President, Chief Finance Officer & Treasurer Ferdinand K. Constantino said: “Despite the challenging local environment, SMC has once again successfully tapped the bond market for its financing needs from our last listing in 2019 for our P10 Billion SMC Series H Peso Fixed rate bonds.”

“On behalf of our Vice Chairman, President and COO, Mr. Ramon S. Ang, allow me to express our outmost appreciation to everyone who worked with us in achieving this noteworthy P30 Billion issuance out of our P50 Billion shelf registration.” Added Mr. Constantino.

This 11th listing for 2021 brings the year-to-date total of new listings to PHP 134.24 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.42 Trillion issued by 53 companies, comprised of 200 securities.

PDEx Press Release_SMC Fixed Rate Bonds Series I Due 2027

Energy Development Corporation Returns to PDEx With its PHP 5 Billion ASEAN Green Bonds

Press Release Tower Photo_EDC

EDC 06.10.2021

25 June 2021, Makati, Philippines — Energy Development Corporation (EDC) returns to the local debt market today with the listing of its PHP 5 Billion 3 and 5 years Series A and B Fixed Rate ASEAN Green Bonds at 2.8565% and 3.7305% per annum, respectively, to be paid semi-annually.

The Listing Ceremony began with PDEx President and CEO Antonino A. Nakpil delivering his welcome remarks. “It is fitting that EDC, a main contributor to the Philippines ranking third in the world in geothermal energy production, and a “poster firm” of Green, take on the initiative through its PHP 15 Billion shelf registered ASEAN Green Bonds program that will supply instruments for “woke” investors.”, said Mr. Nakpil.

The event was also graced by the Securities and Exchange Commission Chairman Emilio B. Aquino. In a special message, Hon. Aquino remarked: “The commission commends EDC for its green bond framework and its goal to promote a regenerative environment and society while contributing to a low-carbon economy by increasing access to reliable renewable energy. EDC committed that the proceeds of the first tranche of the ASEAN Green bond issuance will be used for the expansion and maintenance of the Palayan Bayan Binary Project, Mindanao 3 Binary Project, and other geothermal projects.”

“We recognize EDC’s efforts in aligning their objectives with the United Nations Sustainable Development Goals, specifically SDG number 7, which is to ensure access to affordable and clean energy. EDC has maintained a 100% percent clean energy portfolio, and we have noted the company’s vision to build a future that is less reliant on carbon emissions and a limitless renewable energy source.”, added Hon. Aquino.

Energy Development Corporation President and COO Ricky B. Tantoco remarked: “We are humbled by the overwhelming reception of the bond investors considering our last bond issuance was 8 years ago back in 2013. The issuance of the Green Bond is aligned with our crystalized mission of forging collaborative pathways for a decarbonized and regenerative future.”

This 10th listing for 2021 brings the year-to-date total of new listings to PHP 104.24 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.42 Trillion issued by 53 companies, comprised of 201 securities.

PDEx Press Release_EDC ASEAN Green Bonds

Metrobank Lists its PHP 19 Billion Bonds Due 2026 On PDEx

Press Release Tower Photo_MBT

MBT Listing

04 June 2021, Makati, Philippines — Metropolitan Bank & Trust Company (Metrobank) lists its PHP 19 Billion 5.25-year Bonds on the Philippine Dealing & Exchange Corp. (PDEx). This bond issuance is the final tranche under its Issuance Program established in 2018. The bonds carry an interest rate of 3.60% per annum to be paid quarterly.

Metrobank is known to have won the PDS Annual Awards’ highest honor, the Cesar E.A. Virata Award (bank category) for 8 straight years in a row. It was also the first bank to start the round of bank bond issuances in the country.

PDEx President and CEO Antonino A. Nakpil remarked: “The focus on securities distribution to all investors has long been a trademark of Metro, which built up a broker network across the nation way before “financial inclusion” became a buzz phrase.”

This 9th listing for 2021 brings the year-to-date total of new listings to PHP 99.24 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.42 Trillion issued by 54 companies, comprised of 201 securities.

PDEx Press Release_MBT Series D Bonds

Ayala Corporation Raises PHP 10 Billion Fixed Rate Bonds on PDEx

Press Release Tower Photo_AC

PR photo_ACv2

 28 May 2021, Makati, Philippines — Ayala Corporation (AC) returns to the local debt market today where they have listed their PHP 10 Billion 3 and 5 years Series A and B Fixed Rate Bonds at 3.0260% and 3.7874% per annum, respectively, to be paid quarterly.

Notably, AC is the second issuer to utilize the e-Securities Issue Portal (e-SIP) in its pre-issuance activities following its subsidiary, Ayala Land Inc. who pioneered e-SIP’s utilization earlier this month.

The ceremony began with PDEx president and CEO Antonino A. Nakpil delivering his welcome remarks.”We note that this tranche is the first from AC’s PHP 30 Billion debt securities program, but that is nothing surprising and merely standard practice for a veteran of Shelf-Issue programs. We do hope however that the e-SIP helped ease pain points in this round of issuance.” said Mr. Nakpil.

Mr. Nakpil also acknowledged the SEC and DOF. “We take this opportunity to thank the SEC and DOF for their support and strong encouragement for the PDS Group to continue with this portal and other inclusion through digitization initiatives.”, added Mr. Nakpil.

This listing ceremony was also graced by the Chairman of the Securities and Exchange Commission, Hon. Emilio B. Aquino through a recorded message. Hon. Aquino said: “Allow me to take this opportunity to thank issuers like Ayala Corporation for playing an important role in realizing the capital market’s potential to sustain our economy’s expansion and bringing growth to every Filipino. As issuers, you created legitimate investment opportunities, and through the capital market, you make them accessible and thereby allow our fellow Filipinos to share with your business success.”

“And by pursuing your expansion projects responsibly and sustainably, more of our fellow Filipinos can be employed and will be able to provide for and secure a better future for their families.”, added Hon. Aquino.

Meanwhile, Ayala Corporation President and CEO Fernando Zobel de Ayala said: “The Ayala Group, specifically Ayala Land and Ayala Corporation are proud pioneers in utilizing the e-SIP system which allows primary market issuers like Ayala to do away with voluminous paper-based submissions to the PDS registry and PDEx and expand our reach by selling securities online.”

This 8th listing for 2021 brings the year-to-date total of new listings to PHP 80.24 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.41 Trillion issued by 54 companies, comprised of 201 securities.

PDEx Press Release_AC Fixed Rate Bonds

Ayala Land Inc. Pioneers the Utilization of e-SIP for its PHP 10 Billion Fixed Rate Bonds

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ALI Listing at PDEx_May 4, 2021

04 May 2021, Makati, Philippines — Ayala Land Inc. (ALI) pioneers the utilization of the e-Securities Issue Portal (e-SIP) as they returned to the local debt market today where they have listed their PHP 10 Billion Fixed Rate Bonds Due 2025, the 6th tranche of its self-registered PHP 50 Billion securities program.

Pioneering is not new for ALI as not too long ago, they also pioneered the virtual listing ceremonies on PDEx, and are notably the pioneer issuers in the Public Listed Board and the Qualified Enrolled Board.

The ceremony began with PDEx president and CEO Antonino A. Nakpil delivering his welcome remarks. “For this first run of e-SIP, we are delighted to hear that the number of bondholders registered for the issue has reached 4,138, and that is a very respectable start. But this is only version 1.0 for this system, a platform that is configured for continual enhancement of features to further streamline and facilitate issuance and distribution activities of stakeholders.”, said Mr. Nakpil.

The Department of Finance Secretary, Hon. Carlos Dominguez III also graced the event and delivered a special message. “I commend the PDS for implementing this historic project. This digitalization initiative is an excellent response to my challenge to the PDS Group to foster greater financial inclusion and help deepen our capital markets by making its systems more efficient and accessible to both issuers and retail investors.”, mentioned Hon. Dominguez.

“By moving towards digitalization, we are taking away the pain point that discourages companies and retail investors from participating in capital markets. We are making processes more cost-efficient for everyone.”, added Hon. Dominguez.

Another special message was delivered by the Chairman of the Securities and Exchange Commission, Hon. Emilio B. Aquino. Chairman Aquino mentioned: “With this new system of the PDS, transactions and submissions will be made easier and health protocols can be strictly observed by the stakeholders which will help in the prevention of the Covid-19 transmission.”

“We would also like to congratulate Ayala Land Inc. for being the first issuer to execute their issuance of their PHP 10 Billion fixed-rate bonds through e-SIP. We are glad that after 5 tranches of manually submitting a pile of physical documents, you have now successfully listed your bonds and raised funds using the digitalized processes.”, added Hon. Chairman Aquino.

Meanwhile, ALI Chief Finance Officer, Chief Compliance Officer and Treasurer Augusto D. Bengzon stated that although we reverted to Modified Enhanced Community Quarantine, we are not back to square one when the pandemic began. He said: “Demand for the Bonds from both retail and institutional investors reached over P36 Billion, and this translated to an oversubscription of 3.6x, allowing us to price at the lowest end of the marketing range, carrying a coupon of 3.6262%. Clearly, the situation today is way different from last year, where we had to make do with short-term 30-day rollovers, and I recall one of the first promissory notes we closed then carried a rate of 6.6%. Today, aside from the 4 and 5-year bonds that we have been able to secure, we are now in talks with our banks for a 10-year issue.”

“This clearly demonstrates that we are now transitioning from last year’s crisis to the next normal. Our debt capital market activities will further lower our overall borrowing cost to historic lows, and help expedite our recovery.”, added Mr. Bengzon.

This 7th listing for 2021 brings the year-to-date total of new listings to PHP 70.24 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.44 Trillion issued by 54 companies, comprised of 204 securities.

PDEx Press Release_ALI Fixed Rate Bonds

Cirtek Returns to PDEx with its PHP 1 Billion Commercial Paper

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28 April 2021, Makati, Philippines — Cirtek Holdings Philippines Corporation (TECH) returns to the local debt market today for its second listing since their maiden issuance in 2020. TECH listed its PHP 1 Billion Series D and E Commercial Paper on the Philippine Dealing & Exchange Corp. (PDEx), the first tranche of TECH’s PHP 6 Billion Commercial Paper Program. The TECH Series D and E Commercial Paper were pegged at a discount rate of 4% and 4.25%, respectively.

PDEx President and CEO Antonino A. Nakpil said: “Significantly, with this listing Cirtek joins the company of returning Issuers, with the experience, which we hope is a good one, of an Issuer now able to include public funding within its strategic or tactical funding plans”

“Each successful return to the public market allows our Issuers to reaffirm the confidence of their supportive bondholders, and make very real that intangible asset, the trust of investors”, added Mr. Nakpil.

This 6th listing for 2021 brings the year-to-date total of new listings to PHP 60.24 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.43 Trillion issued by 54 companies, comprised of 203 securities.

PDEx Press Release_Series D and E Commercial Paper

RCBC Lists PHP 17.87257 Billion ASEAN Sustainability Bonds on PDEx

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31 March 2021, Makati, Philippines — Rizal Commercial Banking Corporation (RCBC) returns to the local debt market today with the listing of its PHP 17.87257 Billion 2.5 years and 5.25 years Series C and D ASEAN Sustainability Bonds at 3.20% and 4.18% per annum, to be paid quarterly in arrears.

RCBC was the first to issue and list the first peso-denominated ASEAN Sustainability Bond issued in the Philippines in compliance with the SEC’s guidelines and the ASEAN Sustainability Bond Standard last June 2019. They were likewise awarded for this through a Special Citation for the PDS Annual Awards the following year.

PDEx President and CEO Antonino A. Nakpil commended RCBC for their efforts in his message and said: “The key insight driving us to be energetic evangelists of ESG principles, is that we pursue this not for immediate economic gain, but because it is the right thing to do and the benefits from GSS compliant financing are for the next generations.”

Meanwhile, RCBC President and CEO Eugene S. Acevedo remarked: “Despite the challenging market environment, our issuance had robust momentum, enabling us to raise an aggregate amount of 17.87257 Billion pesos. The overwhelming demand we received allowed us to reach our target on the first day of the offer and we closed the books at 5.9 times more than our initial announced minimum size of 3 Billion,” as he expressed his gratitude towards the success of the issuance.

Standard Chartered Bank CEO Lynette V. Ortiz also congratulated RCBC for this sustainability listing. “Despite the challenges with the volatility and quarantine measures, we are pleased to have helped deliver a very successful transaction. More than ever, it is crucial that we ensure sustainable and economic development to our business, operations, and communities,” said Ms. Ortiz.

This 5th listing for 2021 brings the year-to-date total of new listings to PHP 59.24 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.45 Trillion issued by 53 companies, comprised of 204 securities.

PDEx Press Release_RCBC ASEAN Sustainability Bonds

Aboitiz Power Corporation Raises 8 Billion Fixed Rate Bonds on PDEx

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16 March 2021, Makati, Philippines — Aboitiz Power Corporation (AP) lists its PHP 8 Billion 5-year Bonds on the Philippine Dealing & Exchange Corp. (PDEx). This issuance is the first tranche of AP’s PHP 30 Billion Fixed Rate Bond Program and was well met by investors as it exceeded its base size of PHP 4 Billion. The bond carries an interest rate of 3.8224% per annum to be paid quarterly in arrears.

In his welcome remarks, PDEx President and Chief Executive Officer Antonino A. Nakpil recognized AP’s Battery Energy Storage Systems project and acknowledged AP for having been a longtime leader in their field. “As I recall, AP was leading in this field so early, it was already winning awards globally even before the Green, Sustainable and Social Bond Standards were formalized by the ASEAN Capital Markets Forum regionally and our SEC locally. So it is good to see that it is maintaining the lead in this area with projects in the area of Battery Energy Storage Systems, which are the natural complement to the intermittent supply inherent in renewable energy sources.”, said Mr. Nakpil.

In November 2020, AboitizPower announced its foray into battery technology with the TMI Hybrid BESS project located in Maco, Compostela Valley, which is to commence commercial operations in 2022.

Meanwhile, AP Chief Financial Officer, Liza Luv Montelibano explained the importance of this deal for AP. Ms. Montelibano stated “This deal is particularly important to us because it allows Aboitiz Power to bolster its capital by refinancing maturing debt and replacing existing premium cost debt. This helps Aboitiz Power in achieving its goals in addressing our country’s energy needs, helping drive economic growth, and creating meaningful social and environmental impact towards a brighter and more sustainable future.”

She also thanked the Securities and Exchange Commission for their efforts stating, “This deal would not have materialized if it were not for the Securities and Exchange commission whose support and flexibility enabled us and our partners to adapt to our continuously changing market environment.”

This 4th listing for 2021 brings the year-to-date total of new listings to PHP 41.37 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.44 Trillion issued by 54 companies, comprised of 204 securities.

PDEx Press Release_AP First Tranche Fixed Rate Bonds Due 2026

Century Properties Group, Inc Returns to PDEx with PHP 3 Billion Fixed Rate Bonds

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01 March 2021, Makati, Philippines — Century Properties Group, Inc. (CPG) listed its PHP 3 Billion 3-year Bonds on the Philippine Dealing & Exchange Corp. (PDEx). The bond carries an interest rate of 4.8467% per annum to be paid quarterly. The issuance exceeded its original size of PHP 2 Billion due to strong investor demand.

This is CPG’s third listing since their maiden issuance back in 2014.

PDEx President and Chief Executive Officer Antonino A. Nakpil, in his welcome remarks acknowledged CPG’s efforts and success throughout the pandemic. “It is good to see that CPG has hurdled past the trials of 2020, especially seeing how the real estate industry was hard hit by the effects of the public health-induced economic crisis. We note that CPG has faced the challenges as a good corporate citizen with efforts in relief operations for victims of Typhoon Ulysses and transforming the Philippine Sports Stadium in Bulacan into a mega-testing facility,” said Mr. Nakpil.

On the other hand, CPG President and Chief Executive Officer, Mr. Jose Marco R. Antonio is forging ahead with its plans to create new-generation real estate. “There is no denying that the business environment continues to be challenged by the effects of the coronavirus pandemic, but we have all forged ahead in our common goal to drive business activity, provide livelihood for our people, and help rebuild our economy. The learning experiences of 2020 have only strengthened CPG’s resolve to move forward, and to do so by creating New Generation Real Estate that is responsive to the needs of the times,” according to Mr. Antonio.

“Along with business resilience and growth, CPG has also made sustainability and innovation as part of our core guiding principles, to ensure that we consciously build a better company and contribute to a better future for our country,” added Mr. Antonio as he spoke about CPG’s initiatives to help the country towards recovery.

This 3rd listing for 2021 brings the year-to-date total of new listings to PHP 33.37 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.44 Trillion issued by 54 companies, comprised of 204 securities.

PDEx Press Release_CPG Fixed Rate 3-Year Bonds Due 2024