The Philippines’ Maynilad Water Services has listed its maiden bond issuance with an aggregate issue size of ₱ 15 Billion ($USD260 million) on the Philippine Dealing & Exchange Corp. to support its capital expenditure on sustainable water and wastewater management. The bonds will be used to finance Eligible Blue Projects and Activities under SEC guidelines.
This was the Phlippines’ first SEC-registered Blue Bond and the first public issuance of Maynilad. The bonds included a Series A 6.7092% 5-Year fixed rate due 2029 and Series B: 7.0931% 10-Year fixed rate bonds due 2034.
The issuance was more than two times oversubscribed (i.e., 2.47 times) from the base issue size, and allowed Maynilad to price the Blue Bonds at the tight end of the corresponding spread range for each series.
“I am pleased with the strong reception our maiden blue bond issuance has received from the investing community,” said Ramoncito S. Fernandez, President and Chief Executive Officer, Maynilad. “The enthusiastic participation from institutional and retail investors attests to their confidence in Maynilad’s vision and in our commitment to sustainability. This successful start sets a promising precedent for our future fund-raising endeavors.”
