DoubleDragon [DD 10.00, up 1.2%; 98% avgVol] [link], the real estate development company owned by Injap Sia and Tony Caktiong, announced that it will sell up to P10 billion worth of bonds paying an interest rate of 7.77% per year. The sale, that DD said will occur in Q1 of this year, will be the second tranche of DD’s 2024 shelf registration, and will be made up of a P5 billion base offering and up to P5 billion in oversubscription inventory available. The company refers to this tranche as the “DD New Year TRIPLE-7 Retail Bond Offering.” DD said that the proceeds will be used to “further strengthen its Balance Sheet -- all in line with the DoubleDragon’s goal to become a Tier-1 mature company by this year 2025.”
MB bottom-line: Nothing to say here, except that I’m a little confused by the branding and marking of this peso bond sale. The line about this being the “ONE AND ONLY Peso Retail Bond offering of DoubleDragon for the entire year of 2025” seems to be framing this to trigger a scarcity reflex in potential buyers, but I don’t know anybody who be like “damn bro, I missed out on getting me any of them 2024 DD Peso Retail Bonds and I can’t wait to panic buy the hell outta them DD New Year TRIPLE-7s you know what I mean?” McDonald’s has the McRib for a limited time only, and DD has its annual Peso Retail Bond that we all think about for months, line up for when it’s here, and then cry about when it’s gone. I’m not hating here, it’s just odd. I at least support their attempt to do it a little differently. I can see they’re trying to reach a non-standard audience for bond-related content. Let’s see how it goes.
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