PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .
.
.

Ayala Land to issue P4 billion worth of 5-yr. bonds for capex

Vol. XXI, No. 201 [ Business World Online ]
Wednesday, May 14, 2008 | MANILA, PHILIPPINES

AYALA LAND, the Philippines’ biggest property developer, said on Tuesday its board had approved the issuance of P4 billion worth of five-year bonds to partly fund its capital spending this year.

The bonds, which primarily target retail investors, would likely be issued in the third quarter, the company said in a statement to the stock exchange.

BPI Capital Corp., HSBC and Land Bank of the Philippines will be joint lead managers and underwriters for the bond issue.

The bonds would be priced at 100% of face value and bench-marked against the Philippine Dealing System Treasury reference rate.

On Tuesday, the yield from the five-year Treasury paper was at 8.3125% in late trade, slightly lower than Monday’s 8.46%.

Ayala Land builds upscale malls, hotels, high-rise office and residential condominiums and estates.

Last month, the company said it planned to raise a total of P10 billion from long-term debt issues and bank loans to partly fund its capital expenditures of P24 billion this year, 60% higher than its spending last year.

Ayala Land’s shares gained 2.5% on Tuesday to P10.25, outperforming the main index, which climbed by 1.63%. — Reuters

_______________________________________________________________________

real estate central philippines
Copyright ©2008-2020