MANILA, Philippines – Ayala Land Inc. plans to issue another round of “Homestarter bonds,” the property giant’s pioneering program that aims to assist families in purchasing homes.
In a disclosure to the Philippine Stock Exchange on Tuesday, May 27, Ayala Land said it would issue up to P5 billion worth of Homestarter bonds, with a term of 3 years.
The bonds will be registered with the Securities and Exchange Commission. “Net proceeds shall be utilized for general corporate purposes,” the company said.
The bonds will be sold through a general public offering to retail investors.
This will be the 7th time that Ayala Land will issue this type of bonds since the program was first launched in 2006.
Ayala Land said program has been an effective savings instrument for many bondholders. The Homestarter bond is interest-earning and helps investors set aside funds that may be used for full or partial downpayment in the purchase of any Ayala Land property. – Rappler.com
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