ALI to issue 4th series of 'Homestarter' bonds

MANILA, Philippines - Property giant Ayala Land Inc. will be issuing the fourth series of “Homestarter” bonds worth up to P2.016 billion, targeting middle-income individuals and couples who desire to own a home.

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, ALI said the bonds will be sold to retail investors through a general offering that will be handled by BPI Capital Corp. and SB Capital & Investment Corp.

ALI said the bonds will be sold at 100 percent of face value and will mature three years from initial issue date.

Proceeds from the issue will be used to fund the company’s general corporate purposes.

Under ALI’s Homestarter bond scheme, buyers will be required to set aside as low as P5,000 a month for a bond subscription over 36 months.

The accumulated investment of P180,000 will earn an interest a year and an additional bonus credit when applied as downpayment on a property developed by ALI’s residential brands Ayala Land Premier, Alveo Land and Avida Land.

Ayala Land Premier is the flagship upscale property brand while Alveo and Avida target middle-income homebuyers.

Homestarter bond was first launched four years ago to help buyers build up funds for future purchases by end users.

ALI’s board of directors approved the declaration of a regular cash dividend of P0.073 per share for the first semester ending June 30 this year on its outstanding common shares. Entitled to receive the dividends are shareholders of record of March 23. Payment date is April 15.