BOND listings on the Philippine Dealing & Exchange Corp. (PDEx) are expected to fall short of the P200-billion target for the year on the back of an extended volatility in the stock market since the second quarter of the year.
Cesar Crisol, PDEx president and chief operating officer, said in a chance interview on Friday that they expect to hit only P100-billion worth of bond listings due to the present volatility in global markets. “It’s possible to hit P100 billion.”
He said there are “four more listings” for the year from the banking and corporate sectors.
The P100 billion of total listings in the fixed income market compare with the P190 billion in 2014, a record year of PDEx considering that the listings in 2013 amounted to P83 billion.
As of August 2015, there were eight listings in the fixed income market totaling P77.39 billion. The PDEx inventory of outstanding listings consisted of 98 securities amounting to P516.78 billion and issued by 33 companies.
The companies that floated corporate notes and listed at the PDEx were Filinvest Land Inc., Ayala Land Inc., South Luzon Tollway Corp., 8990 Holdings Inc., BDO Unibank Inc., Aboitiz Equity Ventures Inc., Phoenix Petroleum Philippines Inc. and Robinsons Land Corp.
Other than loans, raising funds from corporate notes is an alternative fund source for companies listed on the Philippine Stock Exchange. Bond floats also provide companies access to a wider array of investors, local and foreign, retail and institutional.