Ayala Land raises P15 billion from sustainability-linked bonds

Ayala Land, Inc. (ALI) has raised P15 billion from the issuance of sustainability-linked bonds (SLBs), the fourth tranche under its P50-billion debt securities program.

The bonds, listed on the Philippine Dealing & Exchange Corp. (PDEx), consist of five-year Series C due 2030 at 6.0671% and 10-year Series D due 2035 at 6.3192%, ALI said in a statement on Wednesday.

The SLBs are tied to two sustainability targets: a 42% reduction in greenhouse gas emissions across ALI’s malls, offices, and hotels by 2030, and EDGE Zero Carbon certification for 1.5 million square meters of office space by 2025.

The proceeds will be used to refinance existing debt (60%) and fund capital expenditures (40%) for key developments, including the BPI Headquarters redevelopment, Greenbelt 1 transformation, and Ayala Malls Evo City in Cavite.

“This issuance completes our debt funding plan for 2025,” Ayala Land Chief Finance Officer Jose Eduardo Quimpo II said during the PDEx listing ceremony. “We have raised a total of P56 billion, or about $1 billion, reflecting our progress in integrating sustainability into our growth strategy.”

Philippine Rating Services Corp. (PhilRatings) assigned the bonds a PRS Aaa rating with a stable outlook.–Beatriz Marie D. Cruz