DoubleDragon launches P10.9B retail bond offering with 7.7% interest rate

DoubleDragon Corp. has launched its P10.9-billion "Double-Seven" retail bond offering, having secured the necessary permit to sell from the Securities and Exchange Commission (SEC).

The bonds, with tenors of three and a half years and five and a half years, will carry a fixed interest rate of 7.7 percent per annum.

The offer period began on September 11 and will conclude on September 15, with the bonds scheduled for listing on the Philippine Dealing and Exchange Corp. on September 19.

Philippine Rating Services Corp. (PhilRatings) has assigned the highest credit rating of PRS Aaa to the issuance, indicating minimal credit risk.

The company stated that the 7.7 percent interest rate signifies "double seven" and the number seven is believed to be lucky and resembles an auspicious dragon.

This issuance is part of DoubleDragon's larger bond program approved by the SEC via shelf registration in 2024.

DoubleDragon previously raised P10 billion from the first tranche of its multi-year P30-billion bond program in November last year and P9.1 billion in February.