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Ayala Land issues 3B Philippine pesos of notes

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Ayala Land issues 3B Philippine pesos of notes

Ayala Land Inc. confirmed a report that it listed 3.1 billion Philippine pesos of fixed-rate notes with the Philippine Dealing and Exchange Corp.

According to a Dec. 6 disclosure, the notes were listed on the exchange Nov. 23.

BusinessMirror reported Dec. 5 that the notes represent the second tranche of a financial instrument that was launched in July, with the notes to be issued to qualified institutional investors only. The notes carry a 3.25% annual coupon rate and will mature in 2019, the report noted.

According to the publication, the first issue under the program totaled 4.3 billion pesos, and the new issuance took the company's gross enrollment for the notes series to 7.4 billion pesos.

China Bank Capital Corp. and BDO Capital are the joint lead underwriters and joint book runners for the issuance.

As of Dec. 6, US$1 was equivalent to 50.77 Philippines pesos.