Ayala Land sets up P50B bond program

Property giant Ayala Land (ALI) is tapping the debt market anew with the planned offering of P50 billion worth of bonds.

In a disclosure to the stock exchange, ALI said its board approved the filing with the Securities and Exchange Commission of a new three-year shelf registration of up to P50 billion of debt securities.

Proceeds from the issuance will be used to partially finance general corporate requirements and refinance maturing debt through the issuance of retail bonds and/or corporate notes for listing on the Philippine Dealing and Exchange Corporation.

ALI remains upbeat on its prospects this year amid strong demand for residential products and robust local spending despite geopolitical challenges.

The company reported a 55 percent jump in its nine-month profit to P13.3 billion on the back fo a 19 percent rise in revenues to P86.3 billion.

Property development revenues rose seven percent to P55.2 billion, led by commercial lot sales and construction progress in its residential projects.