Filinvest Land Inc. is returning to the capital markets in May with a dual-tranche, fixed-rate bond offer totaling up to P11.57 billion, combining a base offer of P9 billion and an oversubscription option of P2.57 billion.
The issuance features 3.5-year bonds due December 2, 2029 and 5-year bonds due June 2, 2031. Both tranches will pay interest quarterly, giving investors a steady income stream. The shorter-dated bonds carry a call option on December 2, 2028 at 100.50 percent, while the 5-year notes may be redeemed early on June 2, 2029 at 101 percent.
Pricing will be finalized on May 15. Initial guidance points to spreads of 25 to 55 basis points over interpolated benchmarks for the 3.5-year tranche, and 35 to 65 basis points over the 5-year benchmark. This translates to indicative gross yields ranging from 6.38 percent to 7.02 percent, or about 4.85 percent to 5.37 percent net of taxes and fees.
Proceeds will be used largely to refinance existing obligations. These include the full redemption of P1.76 billion in bonds maturing May 18, 2026 and the refinancing of P7.25 billion in bank loans due between June and December 2026. Remaining funds will partly support capital expenditures for land development and construction across Filinvest projects.
The bonds carry a PRS Aaa rating with a stable outlook from Philippine Rating Services Corp., reflecting strong credit quality.
The public offer period runs from May 20 to 26, with issue date set on June 2. Minimum investment is P500,000, with increments of P100,000.
The deal underscores Filinvest’s strategy to actively manage debt while funding continued expansion.
