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Philippines' Ayala Land clarifies report on potential 5B-peso bond issuance

Ayala Land Inc. said it may issue up to 5 billion Philippine pesos worth of fixed-rate bonds from its shelf registration, which presently has a balance of 8 billion pesos.

The statement clarifies an Aug. 8 BusinessWorld Online report that the Filipino real estate company was considering a 5 billion peso bond issuance to partially finance its CapEx for the year.

Ayala Land added that it may decide to raise the size of the potential issuance to up to 8 billion pesos, with a view of using the additional 3 billion pesos of proceeds to term out short-term loans.

As of Aug. 8, US$1 was equivalent to 53.06 pesos.