DoubleDragon Corp. said Friday it began selling up to P10.9 billion in fixed-rate peso retail bonds after receiving a permit to sell from the Securities and Exchange Commission (SEC).
The bonds carry a fixed annual interest rate of 7.7 percent and are available in 3.5- and 5.5-year tenors, the company said.
The public offer period is from Sept. 11 to Sept. 15, with listing on the Philippine Dealing & Exchange Corp. (PDEx) scheduled for Sept. 19.
The Philippine Rating Services Corp. (PhilRatings) previously assigned the planned bond offering its highest rating of PRS Aaa, which indicates minimal credit risk. Minimum investment is P50,000.
RCBC Capital Corp. and Unicapital Inc. are the joint issue managers, joint lead underwriters and book runners. Selling agents include Land Bank of the Philippines and EastWest Bank.
DoubleDragon said the timing was strategic, citing an expected policy rate cut by the Bangko Sentral ng Pilipinas (BSP) which could boost demand for higher-yielding fixed-income investments.
This is the second time DoubleDragon is tapping the bond market this year. In February, it raised P9.1 billion from a fixed-rate peso bond issuance.
Founded by Edgar Sia II and Tony Tan Caktiong, DoubleDragon has built a diversified portfolio of investment properties across the Philippines and overseas.
The company reported a total equity of P102 billion and a debt-to-equity ratio of 0.87x, which it said was among the lowest for listed firms in the Philippines.
