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Manila Bulletin devider Business devider ALI to issue P5.5 B bonds, expected to weather crisis

ALI to issue P5.5 B bonds, expected to weather crisis

Published Aug 9, 2021 02:09 pm

Real estate giant Ayala Land Inc. is raising up to P5.5 billion from a planned offering of fixed-rate retail bonds with a 10-year tenor.

The issuance consists of the base issue of P2.75 billion in relation to the first tranche of ALI’s new 3-year Securities Program (2021 SP) of up to P50 billion, and an oversubscription option of up to P2.75 billion in relation to its existing 3-year Securities Program (2019 SP) of up to P50.0 billion.

Philippine Rating Services Corporation (PhilRatings) said it has assigned the highest Issue Credit Rating of PRS Aaa, with a Stable Outlook, to the proposed bond offering which will raise cash to refinance maturing loans and fund capital expenditures.

Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong.

A Stable Outlook is assigned when a rating is likely to be maintained or to remain unchanged in the next 12 months.

PhilRatings said the bond’s rating and outlook were assigned given ALI’s well-diversified portfolio, with a sizable and strategic land bank for future expansion, complemented by solid brand equity.

It also noted the firm’s highly experienced management team and synergies with the strong Ayala Group; relatively tempered recovery given challenges caused by the continuing pandemic; and ample capital structure and liquidity buffers to weather the pandemic.

With the re-imposition of the ECQ from August 6 to August 20, 2021, ALI expects its malls, hotels and resorts to be heavily impacted due to restrictions on mobility.

Sales take-up for the residential segment would likely be affected as well by limited mobility.

Howver, PhilRating said ALI’s management sees the demand for office space to remain resilient, similar to the previous ECQs. Nevertheless, ALI will still push through with the construction of its projects.

“The launching and completion of certain projects in 2020 and 2021 reflects ALI’s capability to continue with the implementation of its plans, even amidst the pandemic and difficult circumstances,” the ratings agency noted.

It added that, “Such will place the company in a good position to benefit from the expected sustained recovery of the economy, possibly in the medium- to long-term, once the concerns in relation to the COVID-19 pandemic have been addressed.”

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Philippine Rating Services Corporation (PhilRatings) Ayala Land Inc.
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