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Philippines' Ayala Land to issue 10B pesos of bonds

Ayala Land Inc. plans to issue 10 billion Philippine pesos of fixed-rate retail bonds.

The bonds will have tenors of both two years and 7.25 years, according to an Oct. 1 release.

The bank confirmed the issuance following a Sept. 30 Manila Standard report that the company would issue 10 billion pesos of bonds in November.

The proceeds from the issuance will be used to partially fund the company's capital spending plan in 2019.

The offering marks the third tranche of bonds that will be issued under the company's existing 50 billion-peso shelf registration program.

BPI Capital Corp. will serve as the issue manager for the offering. It will also function as a joint lead underwriter and book runner alongside BDO Capital & Investment Corp. and China Bank Capital Corp.

As of Oct. 1, US$1 was equivalent to 52.04 Philippine pesos.