DoubleDragon bags top credit rating for P10 billion retail bonds

MANILA, Philippines —  DoubleDragon Corp. has secured the highest credit rating for its upcoming retail bond offering worth as much as P10 billion.

In a stock exchange filing, the listed developer chaired by Edgar “Injap” Sia II said that the Philippine Rating Services Corp. has assigned an issue credit rating of PRS Aaa with a stable outlook to the company’s P5 billion bond issuance, with an oversubscription option of up to P5 billion.

The bond offering expected next month is the first tranche of the company’s multi-year P30 billion shelf registration retail bonds program.

It follows DoubleDragon’s successful return to the peso retail bonds market in the third quarter with the issuance of P10 billion retail bonds.

The offer’s oversubscription amount was fully exercised, with a significant take up from retail investors in Luzon, Visayas and Mindanao.

DoubleDragon said its upcoming issuance is seen to be the only and the very last long-term retail bond offering available for the public in the country this year.

“We aim to end this 2024 Year of the Dragon with this Otso Buenas retail bonds offering this coming November 2024 that we intend to make way to provide the opportunity for a wider retail investors around the country and enable us to accommodate more new stakeholders in DoubleDragon,” Sia said.

“Since the cycle of low interest rates has begun, this DoubleDragon Otso Buenas retail bonds offering could be the very last time in many years at eight percent per annum area,” he said.

Sia said the offering also paves the way to accommodate the overflow of retail investors who were not able to participate in the company’s recent retail bonds issue.

“The wider the stakeholders of DoubleDragon, the more meaningful impact we create to our society,” he said.

DoubleDragon’s pipeline of capital raising issuances is intended to further boost its financial position.

The company is set to become one of the few companies in the Philippines with total equity at 12-digit level, exceeding P100 billion for the first time this year.

DoubleDragon’s investment properties are strategically situated in prime locations spread out in Luzon, Visayas, Mindanao as well as overseas.