Ayala Land Inc. confirmed a March 25 report from The Manila Standard that the company was looking to issue 10-year bonds worth 10.00 billion Philippine pesos under its 50.00 billion-peso debt securities program.

The real estate manager and developer said in a disclosure that since the registration of the shelf in March 2016, it has issued an aggregate of 32.00 billion pesos of fixed rate and homestarter bonds, as well as commercial papers. Ayala Land clarified that following the latest issuance, the shelf will have a remaining balance of 8.00 billion pesos, and not 5.00 billion pesos as the publication reported.

The publication further noted that net proceeds from the fifth tranche of the shelf will be channeled toward the development of retail, office and hotel spaces within township projects in Makati, Quezon City and the Manila Bay area in the Philippines.

The bonds will be listed with the Philippine Dealing & Exchange Corp., according to the report, with BDO Capital and Investments Corp., Chinabank Capital and PNB Capital acting as joint lead underwriters and joint book runners for the issuance.

As of March 26, US$1 was equivalent to 52.26 Philippine pesos.