MANILA, Philippines -- Ayala Land Inc., the Philippines' biggest property developer, said Monday it began offering P4 billion ($90 million) worth of five-year bonds at a fixed rate of 8.75 percent.

The offer, set to end on Friday, was arranged by BPI Capital Corp., HSBC and Land Bank of the Philippines. It would be the first listing of a new corporate bond on the domestic fixed-income exchange, the Philippine Dealing and Exchange Corp.

Proceeds of the offer would partly fund the company's residential, mall development and office building projects.

The company, a unit of Philippine conglomerate Ayala Corp., will offer the bonds at 100 percent of their face value.

Jaime Ysmael, company chief finance officer, said Friday Ayala Land would raise P2 billion more in borrowings to complete its financing requirements this year.

Ayala Land, builder of upscale malls, residential compounds and office and residential buildings, has set a total capital expenditure budget of P24.3 billion pesos this year, the bulk of which will be generated internally.

Shares in Ayala Land climbed 2.5 percent Monday, outpacing the main index, which edged up 0.6 percent in late trade.