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Ayala Land to raise 5B pesos via bonds

Ayala Land Inc. is looking to raise 5 billion Philippine pesos from its planned domestic issuance of five-year bonds, the Philippine Daily Inquirer reported Aug. 28, citing a statement from the property company.

The Filipino developer will offer the bonds under its three-year securities program of up to 50 billion pesos.

The proceeds from the issuance will primarily be used to partially finance its general corporate expenditures and for the development of new property projects.

China Bank Capital Corp. will serve as underwriter for the offering.

As of Aug. 27, US$1 was equivalent to 52.30 Philippine pesos.