DoubleDragon returns to bond market with P10 billion offer
DoubleDragon returns to bond market with P10 billion offer
MANILA, Philippines — DoubleDragon Corp., the listed developer chaired by Edgar “Injap” Sia II, is making its return to the local bond market this month to raise as much as P10 billion.
In a stock exchange filing, DoubleDragon said it has received from the Securities and Exchange Commission the green light to sell for its 3.5-year retail bond offering.
The bonds carry a coupon rate of 8.008 percent per annum.
The offer period will run until July 10 and the listing on the Philippine Dealing and Exchange Corp. is set on July 16.
“We are glad to tap the peso retail bond market again after over five years. We believe that the pricing of this DoubleDragon retail bond offering at 8.008 percent will enable a wide range of people to avail of the good coupon rate for a Triple A rated retail bond and given the minimum investment size of only P50,000,” Sia said.
“On top of that, 8 is also believed by many to be an auspicious or ‘swerte’ number and having two 8’s in the coupon rate could be even more auspicious,” he said.
The Philippine Rating Services Corp. (PhilRatings) has assigned an Issue Credit Rating of PRS Aaa to proposed bond issue of up to P10 billion.
DoubleDragon is one of the few companies in the country with credit rating PRS Aaa (Triple A), the highest rating tier by PhilRatings.
“I personally believe that 2024 could be the very last year in my entrepreneurial journey that the retail public can participate with a retail bond priced at 8.008 percent coupon rate given that not only that DoubleDragon is nearing the bluechip level of balance sheet but also the global high interest cycle is starting to shift to downward interest rate cycle,” Sia said.
RCBC Capital Corp., Unicapital Inc. and Development Bank of the Philippines have been tapped as joint issue managers, joint lead underwriters and bookrunners of the offer.
DoubleDragon said its string of titled investment properties strategically planted in prime locations spread out in Luzon, Visayas, Mindanao as well as overseas serves as its strong underlying solid foundation.
In less than 10 years, DoubleDragon has completed over 1.3 million square meters of diversified asset portfolio consisting of a chain of provincial community malls, office buildings in Metro Manila, hotels in the Philippines and overseas as well as warehouse complexes around the country.
Its total equity is set to exceed P100 billion for the first time this year, making it one of the few companies in the Philippines with total equity at 12 digit level.