PDEx aims to match last year’s bond issuance value

THE Philippine Dealing and Exchange Corp. (PDEx) aims to match the value of bond issuances reached last year, amid delayed listings from 2024, its top official said.

“We’re hoping to reach at least P454 billion, because at the very high in 2022 we had P509 billion. So, we’re hoping to at least reach that. We wished that last year, but there were some issuers that were supposed to do it last year,” PDEx President Stephanie Marie A. Zulueta told reporters on the sidelines of an event on Friday.

Primary market listings increased by 25% to P454 billion last year from P362.23 billion in 2024, with 46% of these being environmental, social, and governance (ESG)-themed issuances.

“I think we’re hoping that we could reach at least the same levels or more,” Ms. Zulueta said. “We’re hoping that those that listed a few years ago should be refinancing, and we’re positive with the shelf registration that they will avail of it.”

ESG issuances are expected to remain a dominant theme this year, she said, following the listings of sustainability bonds by BDO Unibank, Inc. and Bank of the Philippine Islands (BPI), as well as Land Bank of the Philippines’ (LANDBANK) upcoming issuance this week.

“We’re hoping and are positive that it will be better or the same as the 46% of the issuances [last year].”

BDO on Jan. 26 raised P100 billion from its fifth issuance of three-year ASEAN Sustainability Bonds following strong investor demand, 20 times its original P5-billion offer.

BPI on Friday announced it had raised P50 billion from its latest offering of social bonds, marking its largest peso debt issuance to date. This was 10 times the initial P5-billion target size for the two-year Supporting Individuals Grow, Lead, and Achieve (SIGLA) Bonds.

Meanwhile, LANDBANK on Jan. 28 began the public offer period for its dual-tenor sustainability bonds, from which it is seeking to raise at least P30 billion through Agriculture, Sustainability, Environment, and Socioeconomic Development (ASENSO) Bonds at 5.1714% per annum for the 1.5-year Series B tranche and 5.5615% per annum for the three-year Series C papers.

Ms. Zulueta said she is also looking forward to new entrants in the bond market, regardless of the size of their issuance.

“I don’t know if it’s substantial but any new player coming in is always positive.” — Aaron Michael C. Sy