DoubleDragon sets 'lucky' 8.008% yield for P10-B retail bonds after SEC nod

DoubleDragon Corporation has received the order of registration and permit to sell from the Securities and Exchange Commission (SEC) for its 3.5-year retail bond offering, the company said on Monday.

In a statement, the property developer said the bonds — rated PRS Aaa by the Philippine Rating Services Corporation — will offer a coupon rate of 8.008% per annum.

DoubleDragon chairman Edgar “Injap” Sia highlighted the bond's attractive pricing and its auspicious rate

“We are glad to tap the peso retail bond market again after over five years. We believe that the pricing of this retail bond offering at 8.008% will enable a wide range of people to avail of the good coupon rate for a triple A-rated retail bond and given the minimum investment size of only P50,000 pesos,” he said.

Edgar "Injap" Sia

The company’s diversified asset portfolio and innovative business model, particularly the Hotel101 brand, position DoubleDragon for continued growth and international expansion.

“On top of that, 8 is also believed by many to be an auspicious or 'swerte' number and having two 8's in the coupon rate could be even more auspicious,” he added.

The offer period runs until July 10, 2024, with a listing date set for July 16, 2024, on the Philippine Dealing & Exchange Corp.

The minimum investment is P50,000. Joint issue managers, lead underwriters, and bookrunners include RCBC Capital Corporation, Unicapital Inc., and the Development Bank of the Philippines (DBP), while EastWest Bank is among the selling agents.