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Property developer Ayala Land Inc. is finalizing a P14-billion sustainability linked-bonds with International Finance Corp. to fund projects with sustainable features.
The P14 billion IFC loan will have a tenor of eight years, and IFC will be sole lender for the bonds. “So we are looking at P20 billion. The P6 billion is small, so another P14 billion is coming up. We are trying to close this within this week,” Bengzon said. ALI vice president and treasurer Jose Eduardo Quimpo II said the rate for the IFC bonds would depend on the group’s ability to meet its sustainability commitments.
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