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.

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.

That’s not quite Chinese internet growth but Ayala Land offers considerable comfort as a large and liquid stock that offers a different type of exposure to the companies coming out of China. It is the...

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