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Tuesday May 13, 4:52 PM
Manila's Ayala Land to issue $94 mln peso bondsMANILA, May 13 (Reuters) - Ayala Land , the Philippines' biggest property developer, said on Tuesday its board had approved the issue of 4 billion pesos ($94 million) worth of 5-year bonds to partly fund its capital spending this year. The bonds, targeted primarily for retail investors, would likely be issued in the third quarter, the company said in a statement to the stock exchange.
The bonds would be priced at 100 percent of face value and benchmarked against the Philippine Dealing System Treasury Reference Rate PM . On Tuesday, the yield on the five-year Treasury paper was at 8.3125 percent in late trade, slightly lower than Monday's 8.46 percent. Ayala Land -- controlled by the Philippines' richest family, the Spanish-Filipino Zobel de Ayalas -- builds upscale malls, hotels, high-rise office and residential condominiums and estates in the Philippines. Last month, the company said it planned to raise a total of 10 billion pesos from long-term debt issues and bank loans to partly fund its capital expenditures of 24 billion pesos this year, 60 percent higher than its spending last year. Ayala Land's shares gained 2.5 percent on Tuesday to 10.25 pesos, outperforming the main index which climbed 1.63 percent. ($1 = 42.66 pesos) (Reporting by Rosemarie Francisco; Editing by Anshuman Daga)
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