Century Properties secures SEC nod for P5B bonds

Century Properties Group, Inc. (CPGI) has secured approval from the Securities and Exchange Commission (SEC) to offer peso-denominated fixed-rate retail bonds, marking the initial tranche of its P12-billion debt securities shelf registration program.

The SEC issued the Order of Registration and Permit to Sell under SEC MSRD Order No. 009, Series of 2026, dated 5 February 2026. The offering covers up to P3 billion in bonds, with an oversubscription option of as much as P2 billion.

CPGI set interest rates at 6.5080 percent per annum for the four-year Series D bonds due 2030 and 7.6280 percent per annum for the seven-year Series E bonds due 2033. The transaction represents the company’s sixth bond issuance.

CPGI said the proceeds will be used to finance capital expenditures for Mykonos, an existing Century Premium residential development in San Fernando, Pampanga, and six projects under the company’s PHirst affordable housing segment. These projects are located in Magalang, Pampanga; Baliwag and Pandi in Bulacan; Padre Garcia, Batangas; Calauan, Laguna; and Tagum, Davao del Norte.

In addition, CPGI said it is planning to launch two additional Century Premium projects in General Trias, Cavite, and San Fernando, Pampanga, along with five more PHirst developments this year. Combined, these projects are expected to generate an estimated sales value of about P53.5 billion.

“The strong demand for our retail bond issuance reflects investor confidence in our long-term strategy and our ability to execute consistently across market cycles,” said CPGI President and Chief Executive Officer Marco Antonio. 

“We remain focused on delivering quality New Generation Real Estate that contributes to nation-building, while maintaining disciplined growth and financial prudence.”

As of 30 September 2025, CPGI reported a 17-percent increase in net income, driven by strong project take-up and cost discipline. Over the past three years, the company posted a compounded annual net income growth rate of 23 percent.

CPGI also strengthened its balance sheet, reducing its debt-to-EBITDA ratio from 9.1 times in 2021 to 3.8 times in 2024 and further to 3.3 times as of the first nine months of 2025. The company said stable operating cash flows and a defined project pipeline support its financial resilience.

“This transaction allows us to further optimize our capital structure by extending maturities and enhancing liquidity,” Antonio added.

Credit Rating Investors Services Philippines Inc. assigned the bonds an AA+ rating with a positive outlook, citing CPGI’s diversified portfolio, strong position in vertical housing, and prudent debt management.

China Bank Capital Corporation served as sole issue manager and, together with PNB Capital and Investment Corporation, acted as joint lead underwriters and bookrunners. Land Bank of the Philippines served as selling agent.

The public offer will run from 6 February to 12 February 2026, with listing targeted in two weeks on 20 February 2026.