The Market Monitor Minding the Nation's Business
Ayala Land Inc. (ALI) has listed series one of its P50-billion debt securities program in the Philippine Dealing Exchange (PDEx)-organized secondary monetary market, the company reported recently.
According to Ayala Land, this new listing places its outstanding listed issues at P66 billion, representing 12 percent of the P551.81 billion of listed bonds.
For the entire Ayala group, the total outstanding listed issues of P128 billion accounts for 23 percent of the overall outstanding listed corporate bonds.
“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,” Ayala Land Senior Vice President and CFO Jaime E. Ysmael said.
PDS Group President and CEO Cesar B. Crisol said they “are pleased to note how this back-to-back listing is proceeding even before the Philippine presidential elections, and we see this ‘business as confidence’ attitude as an indicator that the current momentum of Philippine economic activity may just push growth forward, regardless of politics. A positive note, indeed.”
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, made up of 104 securities.
The latest listing was held recently at the PDS Group Assembly Hall and was graced by ALI directors and officers, including President and CEO Bernard Vincent O. Dy, Ysmael, and Vice President and Treasurer Augusto D. Bengzon.
Representatives from the issue participants who attended the event were BPI Capital Corp. (BPIC) President and COO Reginaldo Anthony B. Cariaso, Managing Director Eric Roberto M. Luchangco; Bank of the Philippine Islands Executive Vice President Dennis G. Montecillo; Banco de Oro Capital & Investment Corp. (BDOC) President Eduardo B. Francisco and Senior Vice President Eleanor Hilado; China Bank Capital Corp. Managing Director and Treasurer Virgilio O. Chua; First Metro Investment Corp. President Rabboni Francis B. Arjonillo and Executive Vice President for the Investment Banking Group Justino Juan R. Ocampo; Philippine National Bank Capital (PNB Cap) and Investment Corp. Vice President Sabino B. de Leon II; and East West Banking Corp. Senior Executive Vice President and COO Jose Emmanuel U. Hilado.