Ayala Land Lists PHP 3 Billion Fixed Rate Bonds on PDExPosted on: September 30, 2019
30 September 2019, Makati Philippines — Ayala Land, Inc. (ALI) listed PHP 3 billion worth of Fixed Rate Bonds, paying 4.758% on quarterly coupons for a five-year tenor maturing in 2024. The proceeds of this issue will mostly be used to fund its Manila Bay projects.
“A mall opening and a bond issuance form a serendipitous way of displaying to bondholders exactly what their investments support,” said Philippine Dealing & Exchange Corp (PDEx) President & COO Antonino Nakpil. “This lifts the total outstanding amount of listed corporate securities to PHP 1.22 trillion, with the Ayala Group’s total outstanding listed issues at PHP 192 billion, making up 16% of the overall outstanding listed bonds on PDEx,” Mr. Nakpil added.
On ALI’s part, Mr. Augusto Bengzon remarked: “Today’s bond issuance is the second tranche under ALI’s PHP 50 billion debt securities program (DSP) registered with the Securities and Exchange Commission, making ALI the issuer with the largest outstanding issue amount, with PHP 107.6 billion total outstanding listed Securities on PDEx. This is the second for China Bank Capital to act as the Sole Lead Underwriter and Sole Bookrunner for an ALI Debt Capital Market issuance. First was the Short-Dated Note issued in 2017. The Bonds are priced at 35 bps, the lowest spread since PDEx started in 2008 for a domestic 5Y corporate bond.” BDO Capital & Investment Corporation and BPI Capital Corporation acted as the selling agents.
Mr. Bengzon also announced at the listing ceremony that ALI will be back for another listing in November 2019, as they plan to raise up to PHP 10 billion from the issuance of the fixed-rate bonds.
The ALI listing, PDEx’s 25th listing for the year, ends the third quarter of 2019 with new listings totaling PHP 260.20 billion, a 109% increase from the same period last year.