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Philippines property developer Ayala Land files for 8B-peso bond shelf

Philippines-based real estate company Ayala Land Inc. filed a preliminary prospectus for an offering of up to 8.0 billion pesos of its sixth tranche of fixed-rate bonds.

The five-year term bonds due 2023 will be issued at 100% of their face value and in denominations of at least 50,000 pesos each and in multiples of 10,000 pesos.

The company is expecting net proceeds of about 7.89 billion pesos from the offering, which will be used to partially finance general corporate purposes and CapEx.

BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., PNB Capital and Investment Corp. and Standard Chartered Bank Philippine branch will be the joint lead underwriters for the issuance.

As of Aug. 31, US$1 was equivalent to 53.60 Philippine pesos.