Double Dragon gets top rating for PHP10.9B bond issuance

Philippine Rating Services (PhilRatings) has awarded Double Dragon Corp.'s proposed bond issuance of up to PHP10.9 billion its highest rating, RPS Aaa.

Double Dragon announced in a disclosure to the Philippine Stock Exchange that it anticipates issuing retail bonds by September 2025 at a fixed interest rate of 7.7 percent with tenors of 3.5 and 5.5 years.

The company views this proposed bond issuance as an opportunity to benefit from anticipated BSP policy changes, aiming to demonstrate confidence in the robustness of the Philippine capital market.

Double Dragon's decision to issue these bonds earlier is intended to take advantage of a unique issuance window when there will be no other bond offerings in the market.

The planned DD bond issuance will be drawn from the company's bond program approved by the Securities and Exchange Commission through shelf registration in 2024.