DoubleDragon offers bonds at 7.7% yield

DoubleDragon Corp. will tap the domestic bond market next month and raise up to P10.9 billion amid expectations of interest rate cuts.

In a regulatory filing on Tuesday, the property venture of tycoons Edgar Sia II and Tony Tan Caktiong said the peso retail bonds would carry a 7.7-percent yield with tenors of 3.5 years and 5.5 years.

This is part of a bond program the Securities and Exchange Commission approved in 2024.

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According to DoubleDragon, the retail bond offer would “further increase its cash position and further strengthen its balance sheet.”