AYALA Land Inc. has listed its P3-billion fixed-rate bonds on the Philippine Dealing and Exchange Corp. (PDEx).
In a statement on Tuesday, the listed property giant said the bonds, due 2024, were priced at 35 basis points, the “lowest spread ever (since PDEx started in 2008) for [the] domestic five-year corporate bond.”
The bonds are the second tranche of Ayala Land’s P50-million debt securities program, which it registered with the Securities and Exchange Commission.
China Bank Capital Corp. is the sole lead underwriter and bookrunner of the transaction.
Ayala Land Chief Finance Officer Augusto Bengzon said his company would be listing fixed-rate bonds again in November with the goal of raising as much as P10 billion.
|The firm secured a “PRS Aaa” rating from the Philippine Rating Services Corp.
In May, Ayala Land listed P8-billion fixed-rate bonds with a tenor of seven years on PDEx.
Ayala Land saw its consolidated net income surge by 10.69 percent to P17.51 billion in the first six months of 2019 from the year-earlier P15.82 billion on the back of stronger topline figures.
As of end-June, gross revenues rose by nearly 4 percent to P83.22 billion from P80.39 billion in the same period last year.
Ayala Land shares ended flat at P46.50 apiece on Tuesday.