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4-Traders Homepage  >  Equities  >  PHILIPPINE STOCK EXCHANGE, INC.  >  Ayala Corporation    AC   PHY0486V1154

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Ayala : lists P10-billion bonds in PDex

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07/15/2016 | 12:57pm CEST

CONGLOMERATE Ayala Corp. on Thursday listed its P10-billion bonds at the Philippine Dealing and Exchange Corp. (PDEx).

The debt was the first tranche of the P20-billion fixed-rate bonds, for which the company already secured a regulatory clearance.

The bonds, rated PRS Aaa by PhilRatings, was priced at 3.92 percent per year and will mature on 2023.

Ayala CFO Jose Teodoro Limcaoco said the net proceeds of about P9.9 billion shall be used to refinance the company's peso-denominated debt obligations, as well as those obligations with early-redemption options.

The debt includes a P10-billion, seven-year 7.2-percent bond issued in 2010 and will mature in April next year. The company also issued a total of P30 billion issued from May 2011 to November 2012.

For the initial tranche of issuance, the company picked BDO Capital and Investment Corp., BPI Capital Corp., China Bank Corp. and First Metro Investment Corp. as its joint lead underwriter.

It was only last month when Ayala, the country's oldest conglomerate, secured the approval for its proposed shelf registration of fixed-rate bond offering worth P20 billion from the Securities and Exchange Commission.

The company may decide when to issue the remaining amount within the next three years.

Ayala is only the fourth issuer at PDEx for the year, marked by anemic listings at the capital and equities market due to market jitters.

Data showed that so far, a total of P29.85 billion worth of securities have listed this year, and a huge chunk came from Ayala-led firms.

Aside from the P10 billion from Ayala, its property unit Ayala Land Inc. has listed a total of P15 billion, due in 2025 and 2026; SL Agritech Corp., P1 billion worth of short-term commercial paper; and Phoenix Petroleum Corp at P3.5 billion, also a short-term paper.

(c) 2016 Business Mirror Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( PHP)
Sales 2016 208 395 M
EBIT 2016 40 289 M
Net income 2016 23 506 M
Debt 2016 221 690 M
Yield 2016 0,59%
P/E ratio 2016 23,44
P/E ratio 2017 20,65
EV / Sales 2016 3,71x
EV / Sales 2017 3,42x
Capitalization 551 932 M
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Income Statement Evolution
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Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Average target price 852  PHP
Spread / Average Target -4,3%
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Managers
NameTitle
Jaime Augusto Zobel de Ayala Chairman & Chief Executive Officer
Fernando Zobel de Ayala Vice Chairman, President & Chief Operating Officer
Jose Teodoro K. Limcaoco CFO, Chief Risk Officer, Group Head-Finance & MD
Delfin Lapus Lazaro Non-Executive Director
Xavier Pardo de Tavera Loinaz Independent Director
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Sector and Competitors
1st jan.Capitalization (M$)
AYALA CORPORATION11 718
GENERAL ELECTRIC COMPA..2.92%294 813
3M CO19.78%109 439
SIEMENS AG5.50%88 455
HONEYWELL INTERNATIONA..11.63%88 108
E I DU PONT DE NEMOURS..2.75%59 805
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