Del Monte Philippines, Inc. Debuts PHP 6.5 Billion Fixed Rate Bonds on PDExPosted on: October 30, 2020
30 October 2020, Makati, Philippines — A new member, Del Monte Philippines, Inc., was added to the community of listed Issuers in the Fixed Income Market with its maiden issuance of PHP 6.5 Billion 3-year and 5-year Fixed Rate Bonds on the Philippine Dealing & Exchange Corp. (PDEx). The bonds carry an interest rate of 3.4840% and 3.7563% per annum, respectively, to be paid quarterly.
A market leader in the food and beverage industry, DMPI has been providing healthy food and beverage products in the Philippines since 1926. Its well-established portfolio of delicious and healthy products has made it an iconic and ever-relevant brand in the homes of Filipino families.
In his welcome remarks, PDEx President and Chief Executive Officer Antonino A. Nakpil shared his positive sentiments about how DMPI can further its financial relationship with its investors in the same way that it has nurtured its brand over the years.
“We are confident that Del Monte can deepen that financial relationship with its PHP bondholders just as successfully as it has nurtured its brand into the hearts and minds of loyal consumers over its 94 years of operation in the Philippines. We trust that thereafter Del Monte would also be able to build into its funding strategies, scheduled returns to the capital market and a growing domestic investor liquidity, much like the rest of our return Issuers,” said Mr. Nakpil.
DMPI President and CEO Joselito D. Campos, Jr. highlighted how DMPI’s strong brand equity and market position have enabled it to overcome the company’s challenges in the past and to even have a successful maiden issuance despite the current global health crisis.
“We have proven our resilience and built our strength throughout all these years. We had gone through and survived changes in statehood, a World War, various diseases and epidemics, revolutions, changes in government, financial depressions. And yet, here we are – with a successful maiden bond issue which can only be possible with a strong company with strong results. Thank you again to all who made this bond issue possible,” said Mr. Campos.
This 30th listing for 2020 brings the year-to-date total of new listings to PHP 335.60 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.50 Trillion issued by 56 companies, comprised of 205 securities.