Ayala Land Inc. (ALI), the property development arm of the Ayala Group, has raised P15 billion from sustainability-linked bonds (SLBs) listed on the Philippine Dealing & Exchange Corp. (PDEx) to fund major development projects in Makati and Cavite.

The company said Wednesday that the offering, the fourth tranche under its P50-billion debt securities program, consists of 5-Year Series C SLBs due 2030 with a fixed rate of 6.0671 percent per annum and 10-Year Series D SLBs due 2035 at 6.3192 percent per annum.

“With this issuance, we have raised a total of P56 billion or approximately $1 billion—a milestone that reflects our collective progress in integrating sustainability into the way we fund growth. 

This issuance completes our debt funding plan for 2025,” ALI Chief Finance Officer Jose Eduardo Quimpo II said during the listing ceremony on Wednesday. 

Around 60 percent of the proceeds will be used to refinance existing debt, while the remaining 40 percent will support capital expenditures for key projects, including the redevelopment of the BPI Headquarters in Makati, the transformation of Greenbelt 1, and the development of Ayala Malls Evo City in Cavite.

The BPI Headquarters redevelopment will feature a 45-storey energy-efficient tower integrated with the new Dela Rosa Gardens, a green park within Makati’s “Emerald Network.” 

Meanwhile, Greenbelt 1 is slated to be reimagined as a modern lifestyle destination with sustainability features, including skylights and rainwater collection systems.

ALI’s SLBs are rated PRS Aaa with a Stable Outlook by Philippine Rating Services Corp. 

SLBs are linked to ALI’s achievement of two key sustainability targets: a 42-percent reduction in greenhouse gas emissions across its malls, offices, and hotels by 2030, and EDGE Zero Carbon certification for 1.5 million square meters of office space by the end of the year.