By Marisa Wong
Los Angeles, Oct. 30 – AYC Finance Ltd. issued $400 million of 4.85% fixed-for-life non-deferrable senior perpetual notes guaranteed by parent company Ayala Corp., according to a notice.
The bonds were priced at par to yield 4.85%, 27.5 basis points tighter than initial guidance, according to a press release.
The final order book was over four times oversubscribed, with the order book allocated mostly to Asia, with the rest to Europe. By investor type, more than half of the offering was allocated to fund managers, insurance companies and pension funds, around one-quarter to banks and financial institutions and the remainder to private banks.
BPI Capital Corp., Credit Suisse Credit Suisse (Hong Kong) Ltd., Hong Kong Shanghai Banking Corp. Ltd., J.P. Morgan Securities plc and UBS AG Singapore Branch were joint lead managers and joint bookrunners, with participation from China Bank Capital Corp. and BDO Capital & Investment Corp. as domestic lead managers.
HSBC also acted as global coordinator for the Regulation S offering.
Ayala is a Makati City, Philippines-based conglomerate.
| Issuer: | AYC Finance Ltd.
|
| Guarantor: | Ayala Corp.
|
| Issue: | Fixed-for-life non-deferrable senior perpetual notes
|
| Amount: | $400 million
|
| Maturity: | Perpetual
|
| Bookrunners: | BPI Capital Corp., Credit Suisse Credit Suisse (Hong Kong) Ltd., Hong Kong Shanghai Banking Corp. Ltd., J.P. Morgan Securities plc and UBS AG Singapore Branch (joint lead managers and joint bookrunners); China Bank Capital Corp. and BDO Capital & Investment Corp. (domestic lead managers)
|
| Coupon: | 4.85%
|
| Price: | Par
|
| Yield: | 4.85%
|
| Call option: | On Oct. 30, 2024 and every coupon payment after that
|
| Put option: | Until Oct. 30, 2024, at 101 upon change of control; after that, at par
|
| Pricing date: | Oct. 23
|
| Settlement date: | Oct. 30
|
| Distribution: | Regulation S
|
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