MANILA, Philippines—Robinsons Land Corp. of the Gokongwei family has upsized its maiden peso-denominated retail bond issue to P5 billion, hoping to take advantage of strong demand from retail and institutional investors.

RLC chair James Go said the company was very pleased with the “overwhelming” and “positive” reception to RLC’s local bond debut, which was more than four times oversubscribed. The property developer originally announced an issue size of P3 billion.

The Hong Kong and Shanghai Banking Corp. Ltd. (HSBC) and SB Capital Investment Corp. were appointed joint issue managers by RLC for the bond issue.

Acting as joint lead managers and underwriters for the bond issue were BDO Capital & Investment Corp., BPI Capital Corp., HSBC, and SB Capital.

HSBC was the sole bookrunner for the transaction.

The retail bonds carry a yield of 8.5 percent per annum and a tenor of five-year and one day.

RLC earlier announced that it would use the proceeds from the issue to fund capital expenditure requirements.

The bond issue carries the highest credit rating of PRS Aaa by Philippine Ratings Services Corp. (PhilRatings), indicating that the debt issue has minimal credit risk and that the issuer’s capacity to meet its financial obligations is extremely strong.

In assigning the rating, PhilRatings took into account RLC’s consistent robust operating profit and strong cash flow from a diverse portfolio of real estate assets.

RLC, the real-estate arm of JG Summit Holdings, Inc., is one of the Philippines’ leading real estate developers in terms of revenue, number of projects and total development size.

It is engaged in the development and operation of shopping malls and hotels, as well as mixed-use property, office and residential buildings.

It is also developing land for residential housing projects. These include socialized housing programs located in key cities and other areas nationwide.