DoubleDragon Corp. said Monday its P10.9-billion retail bond offering was more than twice oversubscribed as of the second day of the offering period.
The strong demand prompted the company to exercise the over-allotment option.
The company said in a disclosure to the stock exchange that as of Sept. 12, total orders exceeded 80 percent of the combined base and maximum oversubscription amount. Offer period ended Monday.
It said the bonds would be listed on the Philippine Dealing & Exchange Corp. on Sept. 19, 2025.
The bonds carry fixed rate of 7.7 percent, with tenors of 3.5 years and 5.5 years. The bonds will be issued from the company’s bond shelf registration program approved by the Securities and Exchange Commission in 2024.
DoubleDragon earlier 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.
The Philippine Rating Services Corp. (PhilRatings) previously assigned the planned bond offering its highest score 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.
This marks 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.
