Aeon Philippines issues PHP 1 billion bonds in parts due 2021, 2023

By Sarah Lizee

Olympia, Wash., Nov. 19 – Aeon Credit Service (Philippines) Inc. has issued PHP 1 billion of bonds in two tranches due 2021 and 2023, according to a press release from Asian Development Bank.

The bonds are the first in the Philippines guaranteed by the Credit Guarantee and Investment Facility and issued under the Asean+3 Multi-Currency Bond Issuance Framework.

The company will use the proceeds to provide tricycle loans and personal loans, as well as financial services for the purchase of consumer products such as home appliances, furniture, electronics and other consumer products, focusing particularly on the unbanked population and those with limited access to financial services.

“We hope that this pilot bond will pave the way for similar bond issues going forward,” ADB chief economist Yasuyuki Sawada said in the release.

“Vibrant local currency bond markets provide valuable alternative sources of funding for companies while borrowing in local rather than foreign currencies strengthens the overall stability of the domestic financial sector.”

Aeon Philippines, a financing firm, is part of the Aeon Group of Cos. through Japan-based bank holding company Aeon Financial Service Co., Ltd.

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