Ayala scores $200-M Samurai loan after positive JCR rating 

Ayala Corp. (AC), the country’s oldest conglomerate, has secured its first yen-denominated term loan worth $200 million, or approximately P11.5 billion, following a positive rating from the Japan Credit Rating Agency, Ltd. (JCR).

The company said on Thursday that the deal helps diversify its funding sources at competitive rates to drive business expansion.

Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corp. (SMBC) served as the mandated lead arrangers and bookrunners for the transaction.

“This maiden yen-denominated loan broadens Ayala Corporation’s partnership with Japanese financial institutions, particularly Mizuho and SMBC. The Samurai Loan enhances Ayala Group’s capital-raising options and helps us better grow businesses that enable people to thrive,” AC Treasurer Estelito C. Biacora said.  

Mizuho Bank, on the other hand, cited the significance of the tie-up.  

“We, Mizuho Bank, as Ayala’s long-standing financial partner, are deeply honored to have played a key role as the Rating Advisor for Ayala’s first JCR rating. This achievement reflects our strong partnership and shared commitment to financial excellence," Mizuho General Manager Masaaki Wada said.  

Last Wednesday, a ceremonial signing was held to formalize the deal. It was attended by AC Chief Finance Officer Alberto M. de Larrazabal and Biacora, alongside Wada and Joint General Manager Yasunori Iwamoto, SMBC Country Head and Managing Director Yasushi Iwata, and Executive Director and Head of Corporate Banking Ruben Victa.

In a report last week, JCR maintained a stable outlook for the Ayala Group, signifying a high level of creditworthiness and a strong capacity to meet financial commitments in line with the Philippine Sovereign Rating.

The rating enhances Ayala's ability to access credit and capital markets, broadening its investor base and unlocking more Samurai loan opportunities.

JCR’s report also cited Ayala’s solid business foundation, driven by four key segments that generate stable cash flow, along with a strong financial position that supports long-term growth.