Ayala Land lists P3.1B short-dated notes on PDEx

THE local bourse

PROPERTY developer Ayala Land Inc. (ALI) enrolled Thursday P3.1 billion worth of fixed-rate short-dated notes on the Philippine Dealing Exchange Corp. (PDEx).

It was the second short-dated notes issued by ALI this year with 1.25 years maturity period due on February 23, 2019 at 3.25 percent interest rate. In July, ALI listed P4.3 billion worth of short-dated notes due also in 2019, the first of such tenor listed at the PDEx.

“This is short-dated notes primarily for refinancing, essentially refinancing and maturity extension,” ALI Chief Finance Officer Augusto Bengzon told reporters on the sidelines of the bond listing. “The significance here is that this financing instrument is being distributed to qualified buyers. In our case, this is going out to insurance companies — two of the largest UITFs (unit investment trust fund).”

The new listing from ALI brings to P90.4 billion the company’s total outstanding listed issues on PDEx or 12 percent of the overall outstanding listed notes in the dealing exchange for major banks in the Philippines.

The bonds also increases Ayala Group’s outstanding listed issues on the PDEx worth P147 billion, which accounts for 19 percent of total outstanding listed notes in the exchange.

ALI’s fresh enrollment of notes is the 27th corporate listing in PDEx this year with total value of P175.19 billion, an increase of 68 percent from last year, according to Philippine Dealing System Holdings Corp. (PDSHC) President and Chief Executive Officer Cesar Crisol.

Crisol said PDEx has 12 recurring issuers and seven new issuers with the total listed securities to date is now at P762.91 billion, a growth of 23 percent from 2016. p: wjg