Property developer Ayala Land Inc. (ALI) plans to issue up to P15 billion in sustainability-linked bonds next month to partially fund capital expenditures and refinance debt, documents showed.
The company will offer P10 billion in five- and 10-year bonds, with an option to sell an additional 5 billion pesos if demand is strong.
The bonds are scheduled to be offered from Oct. 3 to 9, subject to regulatory approvals, and will be listed on the Philippine Dealing & Exchange Corp. on Oct. 23.
The issuance will be the fourth and final tranche under the company’s P50-billion bond-shelf registration program approved by the Securities and Exchange Commission in 2023.
Similar to previous offerings, the bonds will be tied to key performance indicators, including the reduction of greenhouse gas emissions in ALI’s commercial properties and certification by the International Finance Corp. (IFC) for 1.5 million square meters of office leasing space.
The company tapped BDO Capital & Investments Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investments Corp., PNB Capital and Investments Corp., RCBC Capital Corp. and Security Bank Capital Investments Corp. for the issuance.
The fund-raising is part of ALI’s plan to raise P50 billion in the second half of the year from various sources, including debt markets and bank borrowings.
ALI allocated P95 billion for capital expenditures in 2025 and spent P40.2 billion as of end-June.
Last week, the IFC announced a second sustainability-linked loan of up to P12.87 billion to ALI.
The loan will fund two large-scale commercial projects with a gross leasable area of 89,000 square meters: Greenbelt 1 in Makati and Ayala Malls Evo City in Cavite.
The IFC will also collaborate with ALI to implement the Building Resilience Index across 50 of its commercial and industrial properties, making ALI the first developer globally to embed the index into its development process.
