DoubleDragon raising P10.9 billion from retail bonds

MANILA, Philippines — DoubleDragon Corp., the property developer chaired by tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, is raising as much P10.9 billion through another retail bond issuance this year.

The company’s “Double-Seven” peso retail bonds, which is eyed for issuance in September, will carry 7.7 percent fixed interest rate with tenors of 3.5 years and 5.5 years.

It will come from the DoubleDragon’s bond program approved by the Securities and Exchange Commission via shelf registration in 2024.

“This retail bond tranche was decided to be issued earlier to capitalize on the September 2025 issuance window during which the DoubleDragon Double-Seven peso retail bond will be the only bond offering in the market,” the company said.

The final third tranche was previously planned for issuance by next year.

DoubleDragon said the pipeline capital initiatives at this stage of its growth is intended to further increase the company’s cash position and further strengthen its balance sheet.

The company raised P9.1 billion from a peso retail bond offering in February. The 7.77 percent per annum peso denominated fixed rate bonds due 2032 were listed on the Philippine Dealing and Exchange Corp.

DoubleDragon also raised P10 billion from the first tranche of the company’s multi-year P30-billion shelf registration retail bonds program in November last year.

Earlier this year, the company marked a new milestone by surpassing P100 billion in total equity.

DoubleDragon’s total equity reached P102.1 billion as of end-March, positioning the company as one of the few companies in the country with total equity at 12-digit level.

DoubleDragon said it is also one of the few companies in the Philippines with credit rating PRS Aaa (Triple A) from Philippine Rating Services Corp., the highest rating tier by PhilRatings.