Ayala makes triumphant market return

Investors embraced Philippine company Ayala Corp’s return to the dollar market after more than a decade away, funnelling $2.5bn into a $400m fixed for life deal that attracted attention for its rarity value.

  • By Morgan Davis
  • 07 Sep 2017

The Ayala conglomerate has not issued a bond since 2003, when it guaranteed a $200m transaction for its subsidiary AC International Finance, according to Dealogic.

But Ayala returned to the market this week after seeing an opportunity in the rates ...

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