A.

Ayala Land, Inc. Fixed Rate Bonds

Ayala Land, Inc. issued fixed rate bonds in scripless form that relates to the fixed rate
bonds series’ sixth tranche having a principal amount of Php8 billion. It was issued in a
minimum of Php50,000 and in multiples of Php10,000 to be traded in the secondary market in
Php10,000. The fixed rate bonds of the company consist of direct, unconditional, and
unsecured obligations. ALI’s fixed rate bonds that is due 2023 has a coupon rate of 7.0239% per
annum to be paid quarterly in arrear of each year wherein the calculation of the interest of the
fixed rate bonds is based on a 360-day year. The bond was given a credit rating of PRS Aaa by
PhilRatings.

Aboitiz Power Corporation Fixed Rate Bonds

Aboitiz Power Corporation offers fixed rate bonds in scripless form that has a principal
amount of Php10 billion consisting of direct, unconditional, unsecured, and unsubordinated
obligations. It has an oversubscription option with an amount of up to Php5 billion. It is issued
in a minimum denomination of Php50,000 and in multiples of Php10,000. The company offers a
10-year bond that is due in 2028 with a face value of 100% and a coupon rate of 8.5091% per
annum. The second tranche bonds’ interest is calculated on a 30/360-day European basis and
shall be paid quarterly in arrears. The bond has also been rated PRS Aaa by PhilRatings.

SMC Global Power Holdings Corp. Fixed Rate Bonds

SMC Global Power Holdings Corp. issued fixed rate bonds in scripless form to be offered
in the public that has a principal amount of up to Php60 billion. It has a minimum denomination
of Php50,000 and in multiples of Php10,000 and is traded in the secondary market at
Php10,000. The company offers a 5-year bond that is due in 2025 to be traded in the Philippine
Dealing and Exchange Corporation with a face value of 100% and a coupon rate of 6.6250% per
annum. It is calculated on a 30/360-day European basis and shall be paid quarterly in arrears. It
consists of direct, unconditional, unsecured, and unsubordinated obligations of the SMC.
Through the oversubscription option, the company has the right for the offer bonds to increase
its size. The bond has been rated PRS Aaa by PhilRatings.
B.)
Credit Rating
ALI, AP, and SMC fixed rate bonds have all been given a rating of AAA by the Rating Services
Corporation (PhilRates) which implies that these companies obtained creditworthiness in a high
degree. The issuers have a low credit risk of default and they can keep up with the financial
commitments. It can be concluded that investing in these bonds is safe since low risk is
associated with it offering more security while giving back huge rewards to the investors.