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Robinsons Land Corporation Returns to PDEx with its PHP 15 Billion Fixed Rate Bonds Due 2025 and 2027
Posted on: September 6, 2022
26 August 2022, Makati, Philippines — Robinsons Land Corporation returns to PDEx with the listing of its PHP 15 billion Series E Fixed Rate Bonds Due 2025 and Series F Fixed Rate Bonds Due 2027, the first tranche of its SEC-approved PHP 30 Billion bond program. The issuance was warmly received by the market, allowing RLC to exercise its oversubscription option and therefore issuing a total of PHP 15 billion from the base issue size of PHP 10 billion. The bonds carry coupon rates of 5.3789% p.a. and 5.9362% p.a., respectively, to be paid on a quarterly basis.
In his welcome remarks, PDEx President and CEO Antonino A. Nakpil said: “This year we are happy to see RLC join its peers among the Old Guard all jointly coming back into the public debt markets after a year of caution. PDS remains committed to facilitating these cyclical interactions between Issuers and Investors and as of today, primary market activity for just 8 months into the year has pushed new listings to PHP 371 billion, a stone’s throw away from the record of PHP 387 billion in 2020.”
On his end, RLC President and CEO Frederick D. Go thanked its investor base for the robust demand for the RLC bonds despite of the inflationary environment. He remarked: “Assigned with the highest credit rating of PRS Aaa, with Stable Outlook, our bond offer gathered PHP 120 billion in total bids for a record oversubscription of 12 times the base amount. This overwhelming market reception prompted us to fully exercise our authorized oversubscription allotment of PHP 5 billion. And despite a high inflationary environment, the robust investor demand allowed us to price at the lowest end of the marketing range.”
“We are grateful to the investing community for their unwavering trust and confidence in the Robinsons Land brand.”, Mr. Go further added.
This 21st admission for 2022 brings the year-to-date total of new listings and enrolments to PHP 371.12 billion, pushing the total level of tradable corporate debt instruments to PHP 1.34 trillion issued by 54 companies, comprised of 193 securities.