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Manila Bulletin devider Business devider The Stock Market devider SEC approves Cebu Landmasters' ₱5-billion green bond offering

SEC approves Cebu Landmasters' ₱5-billion green bond offering

Published Nov 24, 2025 10:03 am
The Securities and Exchange Commission (SEC) has approved the planned ₱5-billion sustainability-linked bond offering of Cebu Landmasters Inc., representing the third and last tranche of securities registered under its shelf registration of ₱15-billion debt securities program.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said it received from the SEC the certificate of permit to offer securities for sale for its bonds consisting of a base principal amount of up to ₱3 billion, with an oversubscription option of up to ₱2 billion.
The coupons have been set for series F four-year bonds at 6.5408 percent per annum (p.a.), series G seven-year bonds at 6.6807 percent p.a., and series H 10-year bonds at 6.9572 percent p.a.
The offer period will be from Nov. 24 to 28, 2025, with issue and listing of the bonds with Philippine Dealing & Exchange Corp, (PDEx) scheduled on Dec. 5, 2025.
CLI received a credit rating of PRS Aa plus with a stable outlook from Philippine Rating Services Corp. (PhilRatings), reflecting the company’s sound management and strategy, with a sustained competitive advantage in Visayas and Mindanao (VisMin) markets and sustained earnings growth.
Obligations rated PRS Aa are of high quality and are subject to very low credit risk. The obligor’s capacity to meet its financial commitment on the obligation is very strong. The “plus” further qualifies the assigned rating, while “stable outlook” is defined as “the rating is likely to remain unchanged in the next 12 months.”
The ratings agency has also maintained its issue credit rating of PRS Aa plus, with a stable outlook, to CLI’s prior outstanding bond issuances of ₱10 billion.
PhilRatings said it identified key considerations in the assignment of its ratings and corresponding outlook, including CLI’s sound management and strategy, with a sustained competitive advantage in VisMin as evidenced by its growth over the last few years.
Other factors considered include its steady earnings growth on account of the company’s real estate sales, adequate liquidity and acceptable leverage level, and threats from its highly competitive market, with peers having access to significant capital and a substantial landbank.
“The rating assigned to the proposed sustainability-linked bonds is mainly in relation to the company’s capacity to pay the rated bonds and is not an opinion on the attainability or capability to achieve the sustainability targets linked with the bonds,” noted PhilRatings.

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Securities and Exchange Commission Cebu Landmasters Inc. Philippine Rating Services Corporation
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