ALI completes bond issue

Ayala Land Inc. has completed a P15-billion retail bond issue and will list these bonds on the local fixed income exchange on Friday.

In a disclosure to the Philippine Stock Exchange, ALI said it had received approval from the Philippine Dealing and Exchange Corp. to list these fixed rate callable bonds due 2019 and 2022 effective April 27.

The bonds represent ALI’s largest fund-raising in the capital market so far.

The seven-year bonds were priced to yield 5.625 percent yearly, while the 10-year bonds will earn 6 percent a year.

BPI Capital Corp. and Hong Kong and Shanghai Banking Corp. Ltd. are joint lead managers and underwriters, while BDO Capital and Investment Corp. and First Metro Investment Corp. are co-lead managers and underwriters for the bond issue.—Doris C. Dumlao