ALI raises P6B via bond issuance

Property giant Ayala Land Inc. has raised P6 billion through a landmark retail bond issuance, part of which carried a 20-year tenor or the longest tenor among bonds floated in the local market to date.

In a disclosure to the Philippine Stock Exchange on Thursday, ALI said it had issued P4 billion worth of bonds due on 2020 and P2 billion worth of bonds due on 2033. The bonds carry coupon rates of 4.625 percent and 6 percent per year, respectively.

Upon issuance on Thursday, the bonds were simultaneously listed on local fixed-income trading platform Philippine Dealing & Exchange Corp.

ALI chief finance officer Jaime Ysmael said Ayala Land would “cap yet another banner year” with the issuance of a total of P21 billion worth local bonds. The P10-billion 10-year tranche in July was the largest corporate issue for such tenor, he noted.

In the meantime, the P2 billion component of the P6-billion fresh issuance made history in the domestic capital market as the longest tenor for local bonds at 20 years, he said.

BPI Capital Corp., BDO Capital & Investment Corp. and First Metro Investment Corp. were the joint lead underwriters and bookrunners for this most recent issuance.