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.
Bonifacio High Street, an Ayala Land development
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.

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