ALI lists P3B fixed-rate bonds


    Ayala Land Inc. (ALI) listed its P3 billion fixed-rate bonds due 2024 on the Philippine Dealing & Exchange Corp. (PDEx), with China Bank Capital Corp.’s support as the sole lead underwriter and bookrunner.

    This is the second time for China Bank Capital to act as the sole lead underwriter and sole bookrunner for an ALI debt capital market issuance.

    The deal was priced at 35 basis points (BPS), the lowest spread ever (since PDEx started in 2008) for a domestic five year corporate bond.

    This is the second tranche under ALI’s P50-billion debt securities program (DSP) registered with the Securities and Exchange Commission.

    The first shelf registration also amounted to P50 billion and was issued in a span of three years from March 2016 to October 2018.

    Augusto Bengzon, ALI chief finance officer, chief compliance officer and treasurer, announced at the listing ceremony that ALI will be back for another listing in November as they plan to raise P10 billion from the issuance of the fixed-rate bonds.

    ALI obtained top credit rating of PRS Aaa from Philippine Rating Services Corp.