PDEx Welcomes Cebu Landmasters, Inc. with its PHP 5 Billion Fixed Rate BondsPosted on: October 11, 2022
07 October 2022, Makati, Philippines — The local debt market welcomes Cebu-based real estate developer, Cebu Landmasters, Inc. (“CLI”) with the maiden issuance and listing of its PhP 5 billion Series A Fixed Rate Bonds Due 2026, Series B Fixed Rate Bonds Due 2028, and Series C Fixed Rate Bonds Due 2029, the first tranche of its SEC-approved PHP 15 billion bond program, on the Philippine Dealing & Exchange Corp. (PDEx). The bonds carry coupon rates of 6.4222% p.a., 6.9884% p.a., and 7.3649% p.a., respectively, to be paid on a quarterly basis.
In his welcome remarks, PDEx President and CEO Antonino A. Nakpil said: “We are happy to see another Issuer bring investors “real bonds,” that is, with capital market tenors of up to seven years and all taken up by your bondholders.”
“Our hope is that these first issuances will be the beginning of a long-term relationship with your bondholders, one that you may nurture with the same care as with your real-estate customers. And, like your peers in the Issuer Community, that you find the domestic investor community robust enough for you to base strategic funding plans as you continue to expand nationwide.”, Mr. Nakpil further added.
SEC Commissioner Kelvin Lester K. Lee was also in attendance and delivered a special message. “This issuance sends a clear message of confidence in the Philippine economy. It likewise attests to the adaptability and perseverance of the people at CLI and the company’s strong commitment to the Filipino people and the Philippine economy. And for that, I congratulate you and everyone responsible for making this bond offering possible, and for pushing through with these bonds, despite the current worldwide economic outlook.”
On his end, CLI Director, EVP and COO Jose Franco B. Soberano also expressed his gratitude to all parties involved in making their maiden issuance a success. He said: “We actually grew during the pandemic. [This] is because the Vismin area is underserved but we have the most hardworking people. Incomes are increasing, economic activities are increasing, and we still have the comforts of the beach nearby. Places like Davao have so much to offer [and] is still developing and it takes developers like us, bankers like you to believe in our region and we thank you so much for that.”
This 23rd admission for 2022 brings the year-to-date total of new listings and enrollments to PHP 386.12 billion, pushing the total level of tradable corporate debt instruments to PHP 1.35 trillion issued by 56 companies, comprised of 196 securities.