Property developer Ayala Land Inc. raised P33 billion from the issuance of fixed-rate bonds amid strong demand from investors.
ALI deputy treasurer Jose Emilio Jamir said during the listing ceremony total demand from domestic retail and institutional investors reached P131 billion.
Jamir said with the latest bond offering, ALI completed its P45-billion debt financing program for 2022. The company in May also issued P12-billion worth of fixed-rate retail bonds.
The P33-billion bonds were issued in three series. The Series A bonds due 2024 carry a coupon rate of 4.5969 percent per annum; Series B due 2027, 6.211 percent; and Series C bonds due 2029, 6.8045 percent.
ALI plans to use the proceeds from the bond offering to refinance short-term debt and partially fund capital expenditures for 2022.