Ayala to offer up to PHP 10 billion of seven-year fixed-rate bonds

By Marisa Wong

Madison, Wis. - Ayala Corp. said it is planning a public offering of up to PHP 10 billion of fixed-rate bonds. The company's board of directors approved the proposed issuance on Wednesday.

BPI Capital Corp. is the issue manager.

The seven-year bonds will be issued at par with a coupon based on the PDST-R2 reference rate plus a spread.

The Philippines Securities and Exchange Commission-registered bonds will be callable after four years.

Ayala is a Makati City, Philippines-based holding company with interests in real estate development, banking and financial services, telecommunications, water infrastructure development and management, electronics, information technology, automotives and international operations.

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