Aboitiz Equity, Century Properties set fundraising via bonds issuance

MANILA, Philippines — Aboitiz Equity Ventures and Century Properties Group are planning to issue retail bonds to cover their respective funding needs.

In separate disclosures to the Philippine Stock Exchange (PSE), AEV and CPG bared their respective borrowing plans.

AEV approved the issuance of fixed-rate peso-denominated retail bonds amounting to P30 billion.

Proceeds from the bond offering  will be used to finance planned acquisitions, future investments and other general corporate requirements.

“The bonds would be issued in one or more tranches depending on market conditions,” AEV said.

AEV said the bonds would be registered under the shelf registration program of the Securities and Exchange Commission and would be offered to the general public this year.

The SEC’s shelf registration facility allows issuers to register a certain amount which they may issue in tranches over a three year period.

AEV also plans to list the bonds on  the Philippine Dealing and Exchange Corp., the country’s fixed income exchange.

“The board of directors delegated to management the final determination of the offer price, tenors, and other terms and conditions of the bonds,” AEV said.

AEV has various interests in infrastructure, power, banking, food and land development

For its part, the Antonio family-led CPG plans to issue P3 billion in fixed-rate peso denominated retail bonds.

The board authorized the company to implement all necessary corporate and other actions to proceed with the offering and the issuance of bonds.

The PDS Group, which operates the fixed income exchange, is targeting to raise at least P200 billion from listings this year.

Last year, the PSE raised P256.39 billion from new  stock listings, representing a 24 percent increase from 2017.