The Market Monitor Minding the Nation's Business
Conglomerate Ayala Land Inc. (ALI) has recently issued bonds worth P7 billion as part of its P50 billion shelf registration. The bonds have terms of 9.5 years maturity and a 4.75 percent fixed rate due 2025.
This listing marked ALI’s second tranche of its P50-billion shelf registration for a 12-percent share of the total P551.81 billion listed bonds at the Philippine Dealing System (PDS).
ALI’s total outstanding listed issues of P128 billion accounted for 23 percent of the overall outstanding listed corporate bonds at the PDS.
ALI executives lauded its latest bond issuance, which proved to be completed in a short period and oversubscribed by 2.5 times.
PDS officials regarded ALI’s second tranche listing as an indicator that the economic momentum remains on a growth track despite the change in administration after the May 9 elections. “It’s good to be back after just a few weeks.
This is a landmark transaction for us and we are quite happy to have raised the requirement in such a short span of time, at 2.5 times oversubscribed even.
The execution timeline involved also sets a new benchmark for Philippine capital market issues as we understand this is effectively the first program listing for a shelf registration among Philippine corporates,” ALI Senior Vice President and CFO Jaime Ysmael said.
PDS Group President and CEO Cesar B. Crisol said the back-to- back listing is proceeding even before the Philippine presidential elections that he said is considered as a show of confidence.
This fourth listing for the year brings the year-to-date total of new listings to P19.5 billion and the total level of tradable corporate debt instruments to P551.81 billion issued by 36 companies, comprised of 104 securities. RIZA LOZADA