Thomson Reuters’ International Financing Review Asia named Ayala Corp.’s $400-million fixed-for-life perpetual bond as the Philippine Capital Market Deal for 2017. IFR Asia is the leading source of fixed income, capital markets and investment banking news and commentary.
IFR Asia, in a special report, Review of The Year 2017, cited how the Ayala deal drew strong demand from both offshore investors and domestic institutions flush with dollar liquidity, managing to close multiple times oversubscribed with final orders of over $2.5 billion.
IFR Asia’s citation lauded Ayala Corp.’s issuance of a US dollar-denominated perpetual bond in September that set a precedent in the Philippines for fixed-for-life bonds. The report cited that Ayala’s first offshore issue since 2003 attracted heightened demand from investors looking for quality Philippine exposure and how Ayala was primed to respond, upsizing the issue and accelerating launch of the deal in the middle of its investor roadshow. The Ayala bond was the first ever Asean corporate fixed for life perpetual.
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