Ayala bags award for best corporate bond issuance

Ayala Corp. has bagged the Asset Triple A Country Awards 2017’s Best Corporate Bond in the Philippines for its $400-million senior unsecured and guaranteed fixed-for-life perpetual notes issued last September.

The Asset Publishing and Research Ltd., a Hong Kong-based integrated multi-media company, gave the award which was included in its Best Deals in Southeast Asia category. The Asset serves a community of leading corporate and financial decision makers in Asia.

The Asset Awards recognized companies in Asia that excel in their respective industries. With close to 20 years of experience, the awards programs are built upon a stringent methodology that is combined with a rigorous approach in selecting the best institutions and individuals operating in Asia, according to the Asset.

Ayala Corp.’s issuance is a dollar-denominated fixed-for-life senior perpetual issuance at an aggregate principal amount of $400 million with an annual coupon of 5.125 percent for life with no step-up in Southeast Asia.

It was the first fixed-for-life with no step-up (and reset) deal in the Philippines, was commended by The Asset for “setting a precedent in the country for the fixed-for-life bonds.”

Ayala Corp. chairman and CEO Jaime Augusto Zobel de Ayala said the successful launch of fixed-for-life notes provides the company with the financial flexibility to manage its balance sheet and diversify its sources of capital.

“We are grateful for the continued support we have received from investors that is clearly reflected in this issuance,” Zobel said.

The offering was more than five times oversubscribed, with investors’ confidence reflecting the high quality of the Ayala signature.

Now on its 19th year, The Asset’s annual Triple A recognition represents the industry’s most prestigious awards for banking, finance, treasury and the capital markets.