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ASEAN PROFILES ASEAN KEY DESTINATIONS 
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Ayala Land raising P25B via notes, retail bonds Listed property developer Ayala Land Inc. (ALI) on Wednesday said it plans to raise as much as P25 billion by issuing retail bonds and qualified buyer notes to finance corporate requirements. The plan is to raise P20 billion from retail bonds and bilateral loans, and P5 billion from qualified buyer notes, the company noted in a regulatory filing submitted by ALI compliance manager Michelle Valbuena. “The raising of up to P20B through (a) retail bonds listed on the Philippine Dealing and Exchange Corporation and (b) bilateral term loan/s to partially finance general corporate requirements,” it said. “The retail bonds will be issued under the corporation’s P50-B Debt Securities Program as approved by the Securities and Exchange Commission in March 2016,” it said. And P5 billion will be generated from the issuance of qualified buyer notes. According to the Securities and Exchange Commission, qualified buyer notes are securities issued only to investors which fit the criteria mandated in Memorandum Circular 6 Series of 2007. Under the memorandum, “qualified individual buyers” are those who have a minimum annual gross income of P25 million for at least two years prior to registration, or a total portfolio investment of at least P10 million registered with the commission, or a personal net worth not less than P30 million. “The raising of up to P5B through the issuance of qualified buyer notes with a tenor of up to 5 years is to refinance the corporation’s short-term loans,” Ayala Land said. ALI said the plans were approved by the board of directors during a meeting Tuesday afternoon. —Jon Viktor Cabuenas/VDS, GMA News
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