AEV lists P8-B bonds

MANILA, Philippines - Aboitiz Equity Ventures Inc. (AEV) has listed P8 billion worth of long-term bonds in the country’s securities trading platform.

In a disclosure, AEV said it received the approval of the Philippine Dealing and Exchange Corp. (PDEx) for the listing of the seven-year and 10-year fixed-rate bonds worth P8 billion.

“The PDEx approval paves the way for the secondary market trading of the bonds,” AEV said.

The seven-year bonds, with a fixed interest rate of 4.4125 percent per annum, is due in November 2020 while the 10-year bonds carry an interest rate of 4.6188 percent per year.

The long-term bonds secured the PRS Aaa rating, the highest credit score from local credit rater Philippine Rating Services Corp., given AEV’s strong financial performance with a high level of operating cash flow and sound capital structure with a conservative leverage position.

In September, AEV’s board of directors authorized the issuance of up to P10 billion in retail bonds with tenors of seven and 10 years.

“The remaining balance of the aggregate amount shall be lodged under shelf registration and may be raised in future tranches,” AEV said.

In the nine-month period, AEV’s consolidated net income slipped eight percent to P16.6 billion from P18 billion amid the decline in selling prices of electricity and the revaluation of dollar-denominated liabilities.

Adjusting for non-recurring items, AEV’s core net income fell seven percent to P16.4 billion year-to-date.

 

Show comments