In two separate business developments in the Philippines, Ayala Corp has set the terms for its $400 million fixed-for-life corporate debt deal, while China Bank Corp has named William Whang as its upcoming director and president succeeding Ricardo R. Chua.
Philippines: Ayala issues $400m perpetual notes
Diversified conglomerate Ayala Corp has issued its first fixed-for-life corporate debt deal in Southeast Asia amounting to $400 million.
The $400 million perpetual notes have an annual coupon of 5.125 per cent for life with no step-up. Ayala’s wholly-owned subsidiary AYC Finance Limited will issue the notes, guaranteed by the company. The transaction is expected to settle on September 13, 2017.
Hongkong and Shanghai Banking Corp Limited (HSBC) acted as global coordinator; and Deutsche Bank AG Singapore branch, HSBC and JP Morgan Securities plc acted as joint lead managers with the participation of BPI Capital Corp, and Chinabank Capital Corp as domestic lead managers.
Ayala Corporation chairman and CEO Jaime Augusto Zobel de Ayala, said: “This successful launch of fixed for life Notes provides us with the financial flexibility to manage our balance sheet and diversify our sources of capital.”
Chinabank approves William Whang’s appointment as president
China Banking Corp (Chinabank) has named William Whang to succeed Ricardo R. Chua, who will retire as the bank’s director and president on October 31, 2017.
Chinabank’s board of directors approved Whang’s appointment on Thursday, September 7, which will be effective on November 1, 2017. He is currently the bank’s executive vice president and chief operating officer.
Chinabank executive vice president Romeo D. Uyan Jr will occupy Whang’s COO post immediately after Whang assumes his post as director and president.
Chua will continue to serve as advisor to the board starting November 6, 2017. Chua has been with Chinabank for 42 years.