MANILA – Property developer Ayala Land Inc. (ALI) has raised PHP10-billion fixed-rate bonds, making it the first non-bank corporate to issue bonds in the local market since the country was placed under community quarantine.
The bond due 2022 with a coupon rate of 3.00 percent per annum was listed on the Philippine Dealing and Exchange Corporation (PDEx) through its first virtually held listing ceremony on June 26.
In a statement Monday, ALI said the bond was “strongly received” and was 1.75x oversubscribed.
“We are pleased with the reception for our two-year bond issuance. Our primary objective during the last three months was to ensure that we preserve value for Ayala Land and maintain financial sustainability. It was therefore imperative that we ensure that we have more than adequate liquidity to meet our obligations and that we manage our cost of funding during this period,” ALI president and chief executive officer Bernard Vincent Dy said.
Dy expressed hope their success will spur investor confidence and pave the way for the reopening of the local debt capital market.
“We are confident that as the economy continues to reopen, business will continue to pick up and we hope to resume our expansion program within the next few months,” he added.
BPI Capital Corporation, BDO Capital & Investment Corporation and Chinabank Capital Corporation are the joint lead underwriters for the issuance, while PNB and Investment Corporation and SB Capital Investment Corporation are co-lead managers. (PR)
