Rockwell taps debt market after 13 years, demand signals investor appetite
The Lopez family-led Rockwell Land Corp. returned to the debt market after more than a decade, raising P10 billion in a bond issuance that drew strong investor demand and signaled appetite for property-backed paper.
The company priced its three-year bonds at 5.5666 percent and five-year bonds at 5.8595 percent, with the offer oversubscribed about five times the P7 billion base.
The bonds were listed on the Philippine Dealing and Exchange Corp. on March 18, marking Rockwell’s first issuance since 2013.
Strong demand backs expansion pipeline
Proceeds will fund land development and ongoing projects, including its horizontal residential portfolio, Power Plant Mall Angeles, Rockwell at IPI Center Cebu, Aruga Mactan Hotel, and Rockwell Center Bacolod.
“Our sincere appreciation to all our underwriters and partners who worked closely with us to bring this Php 10 billion bond issuance together. We were pleasantly surprised by the reception. Certainly, it is strong relationships that allow us not only to endure, but to survive situations we aren’t prepared for. Today’s milestone is another proof of that,” Rockwell Land chair Nestor Padilla said.
Top-tier rating, broad investor base
The issuance received a PRS Aaa rating with a stable outlook from Philippine Ratings Services Corp., the highest rating reflecting minimal credit risk.
Investors came from a diversified mix of retail and institutional buyers, underscoring confidence in Rockwell’s long-term outlook.
BDO Capital & Investment Corp. and First Metro Investment Corp. acted as joint issue managers, with PNB Capital and Investment Corp. and RCBC Capital Corp. as joint lead underwriters and bookrunners.
—Edited by Miguel R. Camus
