Property developer’s retail bond offering oversubscribed amid strong demand

DoubleDragon Corp. said its P10.9-billion retail bond offering was more than twice oversubscribed just two days into the offer period, prompting the company to exercise its over-allotment option.

In a disclosure to the Philippine Stock Exchange on Monday, the property developer said total orders had already exceeded 80 percent of the combined base and maximum oversubscription amount by Sept. 12. The offer period closed the same day, with bonds set to be listed on the Philippine Dealing & Exchange Corp. on Sept. 19, 2025.

The bonds carry a fixed rate of 7.7 percent, with tenors of 3.5 years and 5.5 years, and form part of DoubleDragon’s bond shelf registration program approved by the Securities and Exchange Commission in 2024.

The company earlier described the timing as strategic, citing the possibility of an interest rate cut by the Bangko Sentral ng Pilipinas (BSP) that could heighten investor appetite for higher-yielding fixed-income securities.

The Philippine Rating Services Corp. (PhilRatings) assigned the debt issuance a PRS Aaa rating, its highest score, reflecting minimal credit risk. Minimum investment for the offer was P50,000.

RCBC Capital Corp. and Unicapital Inc. acted as joint issue managers, joint lead underwriters, and bookrunners, with Land Bank of the Philippines and EastWest Bank serving as selling agents.

This marks DoubleDragon’s second bond issuance for the year, after raising P9.1 billion in a fixed-rate peso bond sale last February.