Asset Publishing and Research Ltd, a Hong Kong-based integrated multi-media company serving an elite community of leading corporate and financial decision makers in Asia, awarded Ayala Corporation on November 30, 2017 as The Asset Triple A Country Awards 2017’s Best Corporate Bond in the Philippines for its US$400 million senior unsecured and guaranteed fixed-for-life perpetual Notes, which were issued last September. The award was included in its Best Deals in Southeast Asia category.
The Asset Awards are Asia’s preeminent recognition for those that have excelled 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.
The issuance, a US dollar-denominated fixed-for-life senior perpetual issuance at an aggregate principal amount of US$400 million with an annual coupon of 5.125% for life with no step-up in Southeast Asia and 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”. HSBC was sole was sole global coordinator, with Deutsche Bank, HSBC and JP Morgan as joint lead managers and BPI Capital Corporation and China Bank as domestic lead managers.
The offering was more than five times oversubscribed, with investors’ confidence reflecting the high quality of the Ayala signature. “This successful launch of fixed-for-life Notes provides us with the financial flexibility to manage our balance sheet and diversify our sources of capital. We are grateful for the continued support we have received from investors that is clearly reflected in this issuance,” said Ayala Corporation Chairman and CEO Jaime Augusto Zobel de Ayala.
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.