PH Digest: Ayala issues $400m perpetual notes; China Bank’s new president

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.