Filinvest Land, Inc. Returns to PDEx with PHP 8.1 Billion Fixed Rate BondsPosted on: November 18, 2020
18 November 2020, Makati, Philippines — Filinvest Land, Inc. (FLI) returns to the local debt market today with the listing of its PHP 8.1 Billion 3-Year and 5.5-Year Fixed Rate Bonds at the Philippine Dealing & Exchange Corp. (PDEx). The bonds carry an interest rate of 3.3353% and 4.1838% per annum, respectively, to be paid quarterly.
Today’s issuance marks the seventh return of FLI to the local debt market. A leading real estate developer with over 50 years of experience, FLI will use proceeds from the issuance to finance FLI’s maturing debt and fund its capital expenditures and general corporate requirements.
In his welcome remarks, PDEx President and CEO Antonino A. Nakpil noted the positive market reception for the bonds as FLI was able to exercise a portion of its over-allotment option. He further said that, “This is certainly a good metric of bondholders’ trust and confidence in FLI’s securities and brand. And this trust is even more valuable as firms look to maintain public issuances as a viable alternative funding source, especially during times like today’s pandemic-stressed economic environment.”
On the other hand, FLI President and CEO Lourdes Josephine Gotianun-Yap shared the company’s growth since its last return to the local debt market. She also thanked its investor base for the robust demand for the FLI bonds despite the current health crisis.
“It has been 5 years since FLI’s last bond issuance. In the past 5 years, FLI has transformed from mainly a residential developer of mass market affordable and middle-income housing to a well-diversified real estate company growing its recurring income business significantly, especially in office development,” said Ms. Yap.
“We have tapped the long-term bond market to match our funding source with our project horizons. We are thankful for the continued trust of our investors that drove the demand for the FLI Bonds, which resulted in an oversubscription of P1.35 billion over the base amount of P6.75 billion, a remarkable feat during this challenging time of the pandemic,” added Ms. Yap.
This 33rd listing for 2020 brings the year-to-date total of new listings to PHP 356.25 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.47 Trillion issued by 56 companies, comprised of 207 securities.