Megaworld Returns to the PDEx Organized Secondary MarketPosted on: March 28, 2017
28 March 2017, Makati Philippines – The local debt market welcomed Megaworld back for its second foray into the local organized debt market with the listing of its PhP 12 Billion Seven-Year Fixed Rate Series B Bonds due 2024 – a notably larger issue size and longer tenor than its maiden issue of PhP 5 billion five-year bonds, eight years ago.
With this sixth listing for the year, the year-to-date total of new listings increases to PhP 51.08 Billion, bringing the total outstanding size of corporate bonds listed to PhP 689.42 billion issued by 44 companies with 119 securities.
PDS Group President and CEO Cesar B. Crisol said: “At the end of the day, the market infrastructure is here to serve issuers such as Megaworld to access public funds for its endeavors; access that has been energized by the SEC’s shelf-registration framework. It is heartening to see the confluence of developments as a returning issuer, Megaworld optimizes the enhanced regulatory framework to plan and implement capital expenditures of up to PHP 30 Billion over the next three years.”
Similar to its first bond issue, MEG Bonds due 2024 were oversubscribed. The investors’ reception was evident as the issue size of these PRS-Aaa rated bonds increased from PhP 8 to PhP 12 Billion.
Megaworld Executive Director Kingson U. Sian remarked: “As we firmly establish ourselves in these businesses, our current direction is to build a stronger Megaworld that offers not only growth from our residential business but also stability of earnings from our investment portfolio. This capital raising activity will help us achieve that goal as we utilize these proceeds to build investment properties in booming areas not only in Metro Manila but also across the country.”
The event was held at the PDS Assembly Hall and was graced by the Directors and Officers of Megaworld including Executive Director Kingson U. Sian, Chief Operating Officer Lourdes T. Gutierrez-Alfonso, Senior Vice President – Commercial Division Kevin L. Tan, Senior Vice President – Business Development and Leasing Jericho P. Go, and Senior Vice President – Treasurer Francisco C. Canuto.
Representatives from the issue participants who attended the event are BDO Capital & Investment Corporation President Eduardo V. Francisco, BDO Unibank, Inc. Senior Executive Vice President Walter Wassmer, and China Bank Capital Corporation Managing Director and Head of Origination and Client Coverage Virgilio O. Chua. #