Ayala Land, Inc. Lists PHP 12 Billion Fixed Rate Bonds on PDEx

ALI 05.05.2022

ALI Group Photo

05 May 2022, Makati, Philippines — PDS Annual Awards special citation winner, Ayala Land, Inc. (ALI) returned to PDEx to list its PHP 12 Billion Fixed Rate Bonds. Today’s listing marks ALI’s third time using the e-Securities Issue Portal (e-SIP) since they pioneered the launch one (1) year ago. ALI was notably awarded in the PDS Annual Awards held last 25 March 2022 for being the first issuer to use e-SIP for its pre-listing and registry onboarding activities. ALI demonstrated its firm support for PDS Group’s digitalization initiative by actively participating from end-to-end beta tests all the way to again becoming a Pilot Corporate Bond Issuer to list its Fixed Rate bonds using e-SIP.

PDEx President and CEO Antonino A. Nakpil in his welcome remarks was pleased to report a great ongoing record. He said: “We happily note that ALI’s PHP 12 Billion listing today marks the point at which 2022’s level of new listings now at PHP 216.46 Billion now surpasses 2021’s total annual level of PHP 213.45 Billion.”

“Our Issuers’ demand for debt capital has been more than filled by the domestic investor segment’s supply of investible funds that have led to each of the 11 listings to date being oversubscribed at an average of 3.27 times their original amounts.  And the domestic investors, retail and professional, have also been flexing in secondary market activity this year where up to 70% of total traded volume is attributed to the investor segment. These are indeed more positive metrics with which to track PDS’s original mission, the development of the stable investor base to support corporate issuers.”, further added Mr. Nakpil.

SEC Commissioner Hon. Kelvin Lester K. Lee also graced today’s listing ceremony and delivered a special message. In his message, he remarked: “Since 1991, the year Ayala Land became publicly listed, it has weathered numerous challenges, from the lingering effects of the Gulf War and the eruption of Mt. Pinatubo in that same year, to the 1997 Asian Financial Crisis, the 2008 Global Financial Crisis, and of course recently, with the COVID-19 Pandemic. Despite all these, Ayala Land continues to show its resiliency and cement its impact in our communities. With Ayala Land’s stellar track record, the Commission is optimistic that the additional funding from this offering would add value to and increase enthusiasm in our capital markets, and of course, support Ayala Land in attaining its lofty vision of uplifting the lives of our countrymen.”

Another message was delivered during the ceremony by ALI’s Deputy Treasurer, Jose Emilio B. Jamir. “This P12 billion listing is the biggest bond issuance of Ayala Land in the past eight years and the second-largest issuance in our history. This bond offering was well-received by the market, having gathered PHP 60 Billion in orders or 5x the issue size. This solid market reception led to pricing at the tight end of the spread range, manifesting the retail and institutional investors’ unwavering trust and confidence in Ayala Land’s credit and resilience.”, remarked Mr. Jamir.

Similar to this previous speeches, Mr. Jamir once again referenced his passion for biking into his message to share the value of line selection. He mentioned: The best riders study the terrain, seek smooth and fast momentum lines, and find ways to maintain these on the trail. What is also crucial in line selection is to have the skill to look ahead. For Ayala Land, we have employed this line selection strategy in our fundraising activities. We have established the plan for the year to ensure that we overcome market obstacles and smoothly reach our path to recovery. As you know, we actively pursued the early redemption of our high-cost borrowings in the past two years and replaced it with lower fixed interest rates in anticipation of this rising interest rate environment.”

Mr. Jamir also gave us a sneak-peak into ALI’s plans. “To secure our path further, we are embarking on another bond transaction that we will announce and file with the SEC in the coming days.”, said Mr. Jamir as he ended his message.

Since ALI pioneered e-SIP’s launch a year ago, a total of nine (9) other issuers have followed suit in 2021 alone and benefited from the digitalization processes, reduction of storage costs, and have saved paper. By the end of 2021, e-SIP processed 19,864 client accounts and saved the equivalent of 79,000 sheets of paper. The PDS Group continually aims to have more issuers benefit from the utilization of e-SIP

This 11th admission for 2022 brings the year-to-date total of new listings and enrollments to PHP 216.46 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.36 Trillion issued by 53 companies, comprised of 191 securities.

PDEx Press Release_ALI Fixed Rate Bonds

Development Bank of the Philippines Enrolls PHP 12 Billion Fixed Rate Bonds on PDEx

Press Release Tower Photo_DBP

DBP 05.04.2022

04 May 2022, Makati, Philippines — State-owned Development Bank of the Philippines (DBP) returned to the Philippine Dealing & Exchange Corp. for the enrollment of its PHP 12 Billion 2.5-Year Fixed Rate bonds which carry an interest rate of 4.05%.

Despite the fact that enrollments are limited to only Qualified Investors as bondholders, the issuance was still oversubscribed from the original size of PHP 3 Billion, a testament to the confidence investors have towards DBP.

PDEx President and Chief Executive Officer Antonino A. Nakpil happily welcomed DBP back for today’s enrollment, the last one taking place in 2020.

“DBP was the second bank to issue a Sustainability Bond under its SEC-compliant and ASEAN+3 compliant Sustainability Principles. This was a natural fit given its many developmental initiatives that would easily qualify under the use of proceeds terms of these so-called thematic programs. With the continuous growth of the pools of professionally managed funds focused on Socially Responsible Investment globally, we expect this wave to hit the domestic QIB community and provide even more liquidity to DBP’s future enrollments whether green, social, sustainable, or newer themes.”, remarked Mr. Nakpil

Mr. Nakpil also acknowledged DBP for its outstanding performance in 2021. He said: “DBP’s activity in the fixed income markets extends beyond being a bond issuer, in fact, last month it was also recognized as one of the Top 5 Dealing Participants for 2021 during the Annual PDS Awards.”

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the bond issuance is in line with the bank’s continuing efforts to advance sustainable growth through responsive development financing interventions. “We at DBP are greatly pleased to share with you the news that the bond issue was again warmly and widely received by the market. With this, I am glad to say that the Bank has further reinforced its wherewithal for making tailored-fit development financing solutions more responsive and accessible to our stakeholders,” announced Mr. Herbosa.

Mr. Herbosa added: “With this bond initiative we vow to ensure that we shall preserve, sustain, and take care of the Bank’s value up until – and especially even after – this ongoing public health crisis blows over. DBP will always remain committed to provide top-notch financial and banking services to all our stakeholders, not losing sight of our ever-hopeful vision to usher in growth for Filipinos nationwide.”

DBP is the fifth-largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.

This 10th admission for 2022 brings the year-to-date total of new listings and enrollments to PHP 204.46 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.35 Trillion issued by 53 companies, comprised of 190 securities.

SM Prime Holdings, Inc. Returns to PDEx to List PHP 30 Billion Fixed Rate Bonds

SMPH 04.22.2022

SMPH 04.22.2022

22 April 2022, Makati, Philippines — SM Prime Holdings Inc. (SMPH) returned to the local debt market for the listing of its PHP 30 Billion series P, Q, and R five (5), seven (7), and ten (10) year Fixed Rate Bonds. The bonds carry coupon rates of 5.6141%, 6.1175%, and 6.5432%, respectively, to be paid semi-annually.

Today’s issuance and listing marks the 3rd listing ceremony for the SM Group, listing a total amount of PHP 97.7 Billion for 2022 thus far. This is the 4th tranche of SMPH’s PHP 100 Billion bond shelf registration program approved by the SEC.
PDEx President and CEO Antonino A. Nakpil opened the ceremony through his welcome remarks. “It may not be a surprise for SMPH but the investible liquidity of domestic investors has been constant and consistently present. This issue is no exception and from its base offer of PHP 15 billion, we understand the total tenders for your issues amounted to a shade under PHP 62 Billion, above 4 times oversubscribed” said Mr. Nakpil as he congratulated SMPH for yet another oversubscription.

SMPH Chief Finance Officer John Nai Peng C. Ong also took the opportunity to share a few words. He said: “Since the onset of the pandemic in March 2020, SM Prime has been active in helping its public and private partners to rise above this unprecedented crisis. The results that we achieved in 2021 gave us a lot of encouragement to pursue our business recovery plan while continuously providing services to our customers, shareholders, public and private partners, communities and employees.”

This 9th listing for 2022 brings the year-to-date total of new listings to PHP 192.46 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.37 Trillion issued by 54 companies, comprising of 194 securities.

PDEx Press Release_SMPH Fixed Rate Bonds

PDEx Local Debt Market Welcomes the Maiden Listing of Converge Information and Communications Technology Solutions, Inc.

CNVRG 04.08.2022

Converge 04.08.2022

08 April 2022, Makati, Philippines — Converge Information and Communications Technology Solutions, Inc. (Converge ICT), one of the country’s top broadband and wi-fi providers, joined the PDEx Issuer Community with the entry of its maiden listing of PHP 10 Billion Fixed Rate Bonds Due 2027. CNVRG notably entered the fixed income market on a high note having been oversubscribed from the initial offer size of PHP 5 Billion due to strong investor demand. This maiden issuance has a coupon rate of 5.5942% per annum, to be paid quarterly.

As PDEx President and CEO Antonino A. Nakpil congratulated and welcomed Converge ICT, he also shared his insights on the issuer-investor relationship. He said: “This is a fantastic start to your relationship with bond investors, whom we trust you will find can be very sticky in their preferred issuers. Just provide them with investible instruments with consistent returns and each time you return to the debt capital market, they will have your back. We trust that you, like many of our issuers will be able nurture your investors to the point where you can confidently build in public debt issuances into your funding strategy. This mutually beneficial interlude between issuers and investors is something that we never get tired of witnessing and it provides a re-energizing excitement to every maiden listing.”

The virtual listing ceremony was also graced by the presence of SEC Commissioners namely Hon. Kelvin Lester K. Lee, Hon. Mcjill Bryant T. Fernandez, and Hon. Karlo S. Bello. In a special message, Hon. Lee said: “This year, we are seeing offices adapt and still maintain a flexible work arrangement in holding work-from-home schedules while the others are coming back to work onsite. In both work arrangements, a reliable broadband service provider remains critical and crucial. We also observe that most services are now rendered online.”

“With the proceeds from the company’s bond offering, we are hopeful that Converge will continue to innovate and deliver quality services not only to those in the metro but also to those in the far-flung areas of the country. Hopefully, this will contribute to increased broadband penetration to make the Philippines at par with if not better than our neighboring countries.”, added Hon. Lee.

Converge ICT CEO Mr. Dennis Anthony H. Uy then proceeded to deliver his message. Mr. Uy was grateful for the oversubscription of the issuance and assured investors and clients of their continued service. He said: “The strong interest we have seen from investors is encouraging for us. This gives us a renewed hunger and passion to pursue our goal of seeing a more connected and fiber-powered Philippines. Even as we explore different technologies to connect Filipinos – like satellite – our fiber technology is the foundation of our business. We will continue to invest in our digital infrastructure and reach out to the unserved and underserved.”

“Our goal is to reach as many customers in all areas possible, no matter how small the towns or purok, kahit nasa bundok o dagat, we will reach them.”, emphasized Mr. Uy.
This 8th listing for 2022 brings the year-to-date total of new listings to PHP 162.46 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.36 Trillion issued by 54 companies, comprising of 193 securities.

PDEx Press Release_CNVRG Fixed Rate Bonds

Aboitiz Power Corporation Lists PHP 10 Billion Series D and E Bonds on PDEx

AP

AP 03.17.2022

22 March 2022, Makati, Philippines — Aboitiz Power Corporation (AP) returned to the Philippine Dealing & Exchange Corp. for their first issuance for the year, the 3rd and final tranche of their PHP 30 Billion SEC shelf registration. AP’s PHP 10 Billion Series D and E bonds were pegged at 5.3066% and 5.7388%, per annum, respectively, to be paid quarterly.

PDEx President and CEO Antonino A. Nakpil took a little trip down memory lane in his welcome remarks during the listing ceremony on March 17, 2022 as he recalled the beginning of the government-mandated community quarantine. He said: “Today is auspiciously the second-year anniversary of the day when we were all introduced to the terms community quarantine, and when work-from-home transformed into a necessary component of business continuity.”

“But the lockdown chapter is about to end and APC did not miss a beat during this period of transformation and provided that key product to sustain the national business continuity, energy,” emphasized Mr. Nakpil.

AP CFO Liza Luv Montelibano highlighted AboitizPower’s sustainable energy transition journey in the next 10 years. “This deal allows AboitizPower to partially fund future renewable energy projects and the early redemption of the 2018 Series B Bonds. By participating in this deal, you have helped AboitizPower in achieving its goal of growing its Cleanergy portfolio by 3-fold to 4,600 MW. You have also helped the company to achieve a 50:50 balance between its renewable energy and thermal capacities over the next decade,” said Ms. Montelibano as she thanked the AP team, issue participants, and investors alike.

Ms. Montelibano also shared updates on AP’s renewable energy projects. “Last month, we held the groundbreaking of PV Sinag Power. This is a 94 megawatts peak plant located in barangay Cayanga, municipality of Bugallon, Pangasinan. On top of that, we have the 160 megawatts peak Laoag Solar project expected to be issued a notice to proceed this year. And finally, we have an additional 721 megawatts peak of solar and hydro projects under priority development. As you can see, with our ongoing and upcoming projects, mostly focused on renewable energy, we are well on our way to a sustainable energy transition.”

This 7th listing for 2022 brings the year-to-date total of new listings to PHP 152.46 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.41 Trillion issued by 53 companies, comprising of 196 securities.

PDEx Press Release_AP Bonds

San Miguel Corporation Raises PHP 30 Billion Fixed Rate Bonds on PDEx

SMC 03.04.2022

SMC 03.04.2022

04 March 2022, Makati, Philippines — San Miguel Corporation returned to the Philippine Dealing & Exchange Corp. with yet another “jumbo” issuance, for their PHP 30 Billion 5-year and 7-year fixed rate bonds. The Series J and K Fixed Rate bonds carry a coupon rate of 5.2704% and 5.8434%, respectively, to be paid quarterly.

Notably, this issuance is the 6th consecutive oversubscribed listing for PDEx in 2022.

PDEx President and CEO Antonino A. Nakpil in his welcome remarks said: “The main factor this year continues to be the significant presence and impact of investors, pouring liquidity in the primary market as evidenced by the consistent levels of oversubscription, and dominating in the secondary market as they account for 65% of total traded volumes thus far.”

Meanwhile, SMC Senior Vice President, Deputy Chief Finance Officer & Head of Treasury Joseph N. Pineda remarked: “While we continue to be challenged by the Covid-19 pandemic, we in San Miguel have never wavered in our commitments and we continue to remain focused on our goals in creating value for our investors, and at the same time helping boost our economic recovery through our growth generating projects.”

This 6th listing for 2022 brings the year-to-date total of new listings to PHP 142.46 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.40 Trillion issued by 53 companies, comprising of 194 securities.

PDEx Press Release_SMC Fixed Rate Bonds

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

CPG 02.24.2022_

CPG 02.24.2022

24 February 2022, Makati, Philippines — The Philippine Dealing & Exchange Corp. (PDEx) welcomed Century Properties Group, Inc. (CPG) back to the listing podium as the 5th issuer this year. CPG listed its PHP 3 Billion 5-year Bonds carrying an interest rate of 5.7524% per annum to be paid quarterly. CPG’s bond issuance continued the year’s listing streak of oversubscription as it exceeded its original size of PHP 2 billion due to strong investor demand.
PDEx President and CEO Antonino A. Nakpil congratulated CPG’s oversubscription and said: “What is tangible is that Century Properties is establishing itself as a return Issuer / Lister and unlike its previous issuances is venturing further out the yield curve with this, its first bond at the five-year tenor.”
On the other hand, CPG President and CEO Marco R. Antonio acknowledged the support CPG has received. He said: “With the continued support of all our partners and stakeholders, we weathered the most challenging of periods, and again, we are now more optimistic on the future as we set our sights on recovery and more importantly, growth.”

This 5th listing for 2022 brings the year-to-date total of new listings to PHP 112.46 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.38 Trillion issued by 53 companies, comprising of 193 securities.

PDEx Press Release_CPG Fixed Rate Bonds

Rizal Commercial Banking Corporation Lists the Fifth Series of its Green, Social, & Sustainability Bonds on PDEx

RCB 02.21.2022

RCB 02.21.2022

21 February 2022, Makati, Philippines — Rizal Commercial Banking Corporation (RCBC) returned to the local debt market today for the listing of its fifth Green, Social & Sustainability bonds (GSSB) on PDEx. The PHP 14.75626 Billion bonds carry an interest rate of 3.00% per annum to be paid quarterly.

PDEx President and Chief Executive Officer Antonino A. Nakpil opened the listing ceremony and remarked: “This is indeed a great start of the year for GSSB issuances and listings, as we now have PHP 67.46 Billion new issuances from just two bank issuers. And even better is that this sustainable bond has been well received by investors to the point of being 4.9 times oversubscribed from the original size of PHP 3.0 Billion.”

SEC Commissioner Hon. Ephyro Luis B. Amatong also graced the event and delivered a special message. “The strong demand for RCBC’s Fixed Rate ASEAN Sustainability Bonds shows investors continuing interest and support for ASEAN labelled Green, Social & Sustainability bonds, consistent with previous sustainability bonds issued by RCBC.”, said Hon. Amatong.

“Having regularly issue green and sustainability bonds since 2019, RCBC’s status as a true pioneer has placed it ahead of the curve and allowed it to take advantage of the opportunities arising from the continued growth and innovation in sustainable finance.”, added Hon. Amatong.

Meanwhile, RCBC President and CEO Eugene S. Acevedo mentioned: “Despite the challenges brought about by the threat of Omicron, and a crowded domestic bond market, our institutional and retail investors have once again demonstrated their trust in RCBC as reflected in the strong momentum of the transaction.”

This 4th listing for 2022 brings the year-to-date total of new listings to PHP 109.46 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.39 Trillion issued by 53 companies, comprising of 193 securities.

PDEx Press Release_RCBC ASEAN Sustainability Bonds

SM Investments Corporation Lists PHP 15 Billion Fixed Rate Bonds on PDEx

SMIC 02.18.2022

SMIC Listing Ceremony 02.18.2022

18 February 2022, Makati, Philippines — Today SM Investments Corporation (SMIC) returned to the local debt market for the listing of its PHP 15 Billion series I and J three (3) and five (5) year Fixed Rate Bonds. The bonds hold an interest rate of 3.5915% and 4.7713%, respectively, to be paid semi-annually.

PDEx President and Chief Executive Officer Antonino A. Nakpil said: “The timing of these business pre-positioning activities from the banking arm and holding company of one of the Philippines’ significant conglomerates could not be more serendipitous especially as we edge ever closer to Alert Level 1. These signs of preparation imply real expectations of revived activity in lending and finance and now consumer spending are clear indicators of an economic engine revving back to life and most positive indeed.”

Meanwhile, SMIC Executive Vice President and Treasurer Erwin G Pato remarked: “We were pleasantly surprised by the turnout which is a strong testament to investor confidence in our credit quality and growth prospects.”

“We are grateful that the local debt market has received our issuances with strong interest amid these pandemic times”, added Mr. Pato.

This 3rd listing for 2022 brings the year-to-date total of new listings to PHP 94.7 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.37 Trillion issued by 53 companies, comprising of 192 securities.

PDEx Press Release_SMIC Fixed Rate Bonds

BPI Raises PHP 27 Billion Fixed Rate Bonds on PDEx

Press Release Tower Photo_BPI

BPI 01.31.2021

31 January 2022, Makati, Philippines — A day before welcoming the Lunar New Year, the Bank of the Philippine Islands (BPI) listed their PHP 27 Billion Fixed Rate Bonds Due 2024, the fourth tranche of their PHP 100 Billion Bond Program on the Philippine Dealing & Exchange Corp. (PDEx). The bonds hond an interest rate of 2.8068% per annum, a number considered to be lucky for this Lunar New Year, to be paid quarterly. The bonds were more than 5 times oversubscribed from the initial offer of PHP 5 Billion due to strong investor demand.

“We note that proceeds from this bond offer shall be utilized for BPI’s digitalization efforts and we are happy that BPI has for this issuance used the electronic-Securities Issue Portal and thank it and the whole Ayala Group for its active support for this paper-reducing initiative. This will be significant especially in this segment of bank issuers which have the natural capacity to convert more and newer investors through both digital and branch networks.”, said PDEx President and CEO Antonino A. Nakpil.

Meanwhile, BPI Chairman Jaime Agusto Zobel de Ayala highlighted BPI’s digitalization initiatives. “The funds raised will undoubtedly assist us in making our goal of financial inclusion a reality for more and more of our fellow Filipinos. In the past two years, we have seen a surge in our digital transactions. Digitalization has, indeed, become an important tool for offering financial services as more people use our digital channels”

BPI President and CEO Jose Teodoro K. Limcaoco also gave special thanks to investors who trusted BPI for this issuance. “With overwhelming support from retail and institutional investors, we have raised more than five times our initial target of PHP 5 Billion. This is testimony to our investors’ recognition of BPI’s excellent creditworthiness, as well as their support for our plans and prospects as we build a better Philippines. We appreciate their continued trust.”

“Amid the continuing volatility in our markets and the challenges of the pandemic, we will continue to soldier on and pursue our strategic initiatives—digitalization, excellent customer service, and sustainability,” added Mr. Limcaoco.

This 2nd listing for 2022 brings the year-to-date total of new listings to PHP 79.7 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.36 Trillion issued by 53 companies, comprising of 190 securities.

PDEx Press Release_BPI Fixed Rate Bonds