Ayala offers respite for equity-linked investors

A $300m exchangeable bond into Philippines property developer Ayala Land provides cheap funds for the parent and welcome diversification for investors.

Ayala offers respite for equity-linked investors
Bonifacio High Street, an Ayala Land development

After digesting a week of issuance from high-growth, high-beta Chinese tech and gaming companies, equity-linked investors were relieved on Thursday evening to see a deal for Philippines blue-chip Ayala Land.

The $300 million bond was issued by Ayala Corp, the parent company, and is exchangeable into shares of Ayala Land, which has become a popular stock with investors thanks to its solid reputation and recent rapid growth profits rose 30% last year.

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