Ayala Corporation Raises PHP 15 Billion Fixed Rate Bonds on PDExPosted on: June 3, 2022
26 May 2022, Makati, Philippines — Ending the first half of 2022, Ayala Corporation (AC) returned to the Philippine Dealing & Exchange Corp. for the listing of its PHP 15 Billion 3-year, 5-year, and 7-year bonds. The series C, D, and E bonds carry a coupon rate of 4.4542%, 5.6239%, and 6.1351%, per annum, respectively, to be paid quarterly.
Today’s virtual listing ceremony was opened by PDEx President and CEO Antonino A. Nakpil, recognizing the issuance as AC’s largest by volume thus far. “The size of the issuance has not fazed investors whose demand for AC instruments triggered the oversubscription from the initial issue size of PHP 10 Billion.”, said Mr. Nakpil.
“The amounts raised by AC and its peers thus far have been larger than ever and belie confidence that underpinning projections will be met, a most positive signal for the country.”, added Mr. Nakpil.
SEC Commissioner Hon. Kelvin Lester K. Lee also shared a few words. He said: “With the current uncertainties that affect the global markets and our local market such as the persisting conflict in Europe, global growth deceleration and rising inflation, I commend Ayala Corporation for taking this opportunity to obtain financing through our capital markets.”
Next to deliver a message was Ayala Corporation Vice Chairman, President & CEO Fernando Zobel de Ayala. “Amid a volatile market environment, the issuance was met with high investor demand that garnered over 120 billion pesos at clearing, deeming this as one of the largest corporate books with investments from key local institutions. We are honored to have received positive investor response to this issuance that supports our liability management in a rising interest rate environment. It also validates the market’s confidence in Ayala’s credit quality, while solidifying our balance sheet under volatile markets,” remarked Mr. Zobel de Ayala.
AC Chief Finance Officer Alberto M. de Larrazabal likewise shared some words on behalf of the Issuer: “I believe what we are saying here is possibly a formula that is needed to ensure the continuation of programs to get the economy back on a growth trajectory: the private sector working with government institutions in the process of mobilizing capital and applying it to investments that will provide for the growth of the economy.”
This 12th admission for 2022 brings the year-to-date total of new listings and enrollments to PHP 231.46 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.33 Trillion issued by 53 companies, comprised of 189 securities.