Ayala pays up for inaugural 15 year domestic bond issue

02 May 2012

Ayala Corp priced the longest-ever maturity bonds in the Philippines last week, offering retail investors a 15 year peso bond. The company will pay a premium of around 120bp over government bonds for the deal, around 20bp more than its usual spread.

It was not just the longer maturity which forced Ayala to pay more than its usual spread, but the demands of increasingly yield-hungry domestic investors. The company, which wants to raise at least Ps10bn ($237m) from the issue, is aiming the deal at retail accounts.

"Retail investors are not ...

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