ALI lists P8-B bonds in PDEX

Property giant Ayala Land Inc. (ALI) will list today P8 billion worth of bonds in the country’s trading platform for fixed income securities.

The property developer of the Ayala conglomerate said it has completed the sale of 11-year bonds to partially fund its hefty capital spending this year.

The bonds, which were sold starting April 10, will be traded on the Philippine Dealing and Exchange orp.

Early this month, ALI secured the approval of the Securities and Exchange ommission to issue as much as P15 billion worth of bonds.

Philippine ating Services orp. earlier gave ALI the highest credit score for its planned P15-billion bond sale. ALI hired BPI apital, First Metro Investment orp., PNB apital, hinabank, HSB and Deutsche Bank as the underwriters.

ALI said the proceeds of the bond sale will partially fund the capital expenditures for this year.

The firm will spend P70 billion this year, up from P66.26 billion in 2013, to complete ongoing developments and new launches to help sustain its growth tra ectory in the coming years. It also plans to

launch pro ects this year ith an estimated value of 1 billion.

In 01 , LI spent billion for its various pro ects, bac ed by a 1 . -billion overnight share sale in arch, a 1 -billion bond sale in ugust and a -billion bond offering in ctober.

LI is primarily into the development of residential pro ects, lease of commercial and office space and sale of prime lots. The company is also beefing up its recurring income portfolio through ne hotels, convenience stores, department stores, supermar ets and hospitals.

Last year, profits of the property developer surged 0 percent to a record 11. billion from .0 billion in 01 . Consolidated revenues umped percent to 1. billion, driven by revenues from real estate amid the strong performance across the property development, commercial leasing and services business lines.