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Philippines' Ayala begins public offer of fixed-rate callable bonds
By Marisa Wong
Madison, Wis., April 17 - Ayala Corp. said it began its public offering of fixed-rate callable bonds on Monday. The bonds are being offered until April 23 and will be issued on April 27.
As previously announced, Ayala is offering up to PHP 10 billion of bonds at par with an up to PHP 5 billion oversubscription option.
The bonds will be issued in two tranches of seven- and 10-year maturities.
The seven-year bonds will have a coupon of 5 5/8%, and the 10-year bonds will have a coupon of 6%. As noted before, the interest rates are equal to the PDS Treasury reference rate, the PDST-R2, plus a spread. The exact interest rates were set on April 11.
BPI Capital Corp. and HSBC Ltd. are joint lead managers and underwriters, and BDO Capital and Investment Corp. and First Metro Investment Corp. are co-lead managers and underwriters for the offering.
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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