Vista Land & Lifescapes completed its first-tranche offering of 5 billion Philippine pesos worth of fixed-rate bonds under its 20 billion-peso issuance program.

The first tranche offering was made up of 3 billion pesos in seven-year bonds due Aug. 8, 2024, and 2 billion pesos of 10-year bonds maturing Aug. 8, 2027, according to a company filing.

The seven-year and 10-year bonds carry respective interest rates of 5.7512% and 6.2255%, with the 10-year bonds having been an oversubscription option that was fully exercised.

Vista Land got the green light July 13 from the Philippines' Securities and Exchange Commission for the 20 billion-peso shelf registration.

China Bank Capital Corp. was the sole underwriter for the first-tranche issuance.

As of July 31, US$1 was equivalent to 50.40 Philippine pesos.