ALI starts P4-B bond offering

Property giant Ayala Land Inc. (ALI) started offering yesterday P4 billion worth of bonds with a fixed rate of 8.75 percent.

In a statement, ALI said the bonds will be issued at 100 percent of their face value and are due in 2013. Minimum subscription is P50,000 and in multiples of P10,000 thereafter, a move likely to appeal to retail investors seeking options for their long-term savings.

The bond issue, which ends Friday, is handled by BPI Capital Corp., Hongkong & Shanghai Banking Corp. and Land Bank of the Philippines.

ALI treasurer Augusto D. Bengzon said the exercise will support the company’s growth plans focused on launching more residential units and steadily expanding its office segment and shopping center lines.