Philippines' Ayala plans PHP 8 billion to PHP 10 billion of bonds

By Marisa Wong

Madison, Wis., March 14 - Ayala Corp. plans to issue PHP 8 billion to PHP 10 billion of retail bonds, according to a letter delivered to the Philippine Stock Exchange, Inc.

Ayala will issue the bonds at par in a public offering. BPI Capital Corp. will be the manager.

The bonds will have a maturity of 15 years or less and will be callable.

Interest will equal the PDS Treasury reference rate, the PDST-R2, plus a spread.

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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