Rockwell Land Corp. is making a high-profile return to the domestic debt market, with the highest credit rating from Philippine Rating Service of PRS Aaa rating with a Stable Outlook, for its planned bond issuance of up to P10 billion. The PRS rating underscores the solid balance sheet and conservative financial profile of the listed property development arm of the Lopez Group.
In a registration filing with the Securities and Exchange Commission, Rockwell said it plans to offer up to P7 billion in fixed-rate bonds, with an oversubscription option of up to P3 billion. The bonds will be issued in up to two series with three- and five-year tenors, marking the property developer’s first peso bond sale in 13 years.
Philippine Ratings Services Corp. said the Aaa rating reflects Rockwell’s strong cash flow generation, manageable leverage, and premium residential and commercial portfolio, placing the company at the top tier of domestic credit quality with minimal default risk.
The bonds will be issued at face value, with interest paid quarterly in arrears and computed on a 30/360 day-count basis. The offer period is scheduled to run from March 4 to 10, with the securities to be listed on the Philippine Dealing & Exchange Corp.
Proceeds will be used to partially fund capital expenditures, including land development and construction costs across Rockwell’s pipeline of projects. These include horizontal residential developments, Power Plant Mall Angeles, Rockwell IPI, Aruga Mactan Hotel, and Rockwell Center Bacolod—projects that signal the company’s continued focus on upscale, mixed-use communities outside its traditional Makati base.
Market observers say Rockwell’s timing is strategic, tapping the bond market as interest rates stabilize and investor appetite shifts toward high-grade issuers. The long gap since its last issuance also adds novelty value for institutional buyers seeking high-quality peso assets.
BDO Capital & Investment Corp. and First Metro Investment Corp. are the joint issue managers, with PNB Capital and Investment Corp. and RCBC Capital Corp. serving as joint lead underwriters and bookrunners.
