Ayala Land issues first tranche of P3B bonds

Posted at 10/31/12 5:52 PM

MANILA, Philippines - Ayala Land, Inc. has issued the first tranche of its "Ayala Land Homestarter Bonds," the proceeds of which will be used for general capital.

The property arm of the conglomerate Ayala Corp. said it has issued P1 billion of fixed-rate bonds, part of the firm's P3-billion fixed-rate bonds approved by the Securities and Exchange Commission earlier this month.

"The Ayala Land Homestarter Bonds, which will mature three years from issue date, were issued at 100% of face value and will carry a fixed-rate coupon of 5% per annum," Ayala Land said.

Proceeds from the sale of the bonds will be utilized for "general corporate purposes" of the firm, Ayala Land added.

BPI Capital Corp. was tapped as the issue manager and underwriter for the transaction.