Century Properties Group sets pricing for multi-year retail bond offering
MANILA, Philippines–Property developer Century Properties Group Inc. has set the pricing for its multi-year maiden retail bond offering worth up to P3 billion.
In a press statement on Wednesday, CPG said the three-year portion of the bonds was priced to yield 6 percent per annum while the five-year and seven-year tenors would yield 6.6878 percent and 6.9758 percent per annum, respectively.
The bonds due in 2017, 2020 and 2021 will be offered to retail investors until August 26. The base offer is P2 billion but there is an option to upsize by P1 billion.
The issue manager is BDO Capital & Investment Corp. while the joint lead underwriters are BDO Capital and HSBC.
The bonds have been rated AA+ with a stable outlook by the Credit Rating and Investor Services Philippines Inc. (CRISP). This rating suggests a “very strong capacity to repay debt obligations.”
The credit rating firm believes that CPG will be able to maintain its hold, as well as continue to diversify its market segments. It also believes that CPG’s overseas Filipino market will continue to support its product offerings and will not be affected significantly by economic shifts in their host countries.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.