Philippines’ Century Properties offers 7.8203% three-year bonds

By Angela McDaniels

Tacoma, Wash., March 28 – Century Properties Group, Inc. is offering 7.8203% three-year fixed-rate Philippine peso-denominated retail bonds, according to a company news release.

The bonds will be offered from April 1 to April 5, and the company plans to issue the bonds April 15.

China Bank Capital Corp. is the manager, lead underwriter and bookrunner.

The issuance was more than twice oversubscribed and is the first corporate Philippine peso-denominated bond deal to price for 2019, according to Ryan Martin Tapia, president of China Bank Capital.

“This is our first corporate debt capital deal since 2014, and we are very pleased with the market reception. We priced the deal at the tighter end of the indicative credit spread given significant interest in this offering,” Ponciano Carreon, Century Properties chief finance officer and head of investor relations, said in the news release.

Proceeds will be used to partially finance development costs of affordable housing and townhome projects.

Century Properties is a Makati City, Philippines-based real estate company.

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