Conglomerate Ayala Corp. launched on Monday a new local bond offering, aiming to raise as much as P10 billion to refinance debt and cover part of its capital outlays.
The bonds are offered in three and five-year tenors, which were priced to yield 3.026 percent and 3.7874 percent a year, respectively.
The base offer size is P6 billion, but there is an option to increase it by P4 billion in case of strong demand.
The offering started on Monday and will run until May 21. The bonds are intended to be issued and listed on local fixed income platform Philippine Dealing & Exchange Corp. on May 28.Interest on the bonds will be payable quarterly. The minimum investment amount is set at P50,000 and in increments of P10,000 thereafter.
This latest offering is the first tranche of Ayala’s fresh P30-billion debt securities program.
Bank of the Philippine Islands (BPI) Capital Corp. is the issue manager for the transaction. BPI Capital also serves as joint lead underwriter and bookrunner alongside Banco de Oro Capital & Investment Corp., China Bank Capital Corp., First Metro Investment Corp. and SB Capital Investment Corp.