MANILA - Philippine property firm Megaworld Corp. said on Thursday it sold P5 billion ($107 million) worth of 5.5-year fixed-rate bonds to fund a development in Metro Manila.

Megaworld, a unit of conglomerate Alliance Global Inc., said the issue was oversubscribed by more than 2 times. The bonds carry a coupon rate of 8.46% per annum.

BDO Capital & Investment Corp. and HSBC were the lead managers of the debt issue.

Shares of Megaworld were down 1.27% as of 0250 GMT, underperforming the main stock index which was up 0.6%.