DoubleDragon’s PHP 10-Billion Retail Bond Oversubscribed

DoubleDragon Corporation’s PHP 10-billion retail bond offering has been oversubscribed, prompting the offer period to end two days ahead of schedule.

Dubbed the DD Otso-Buenas Bonds, the offering saw an overwhelming demand from investors, surpassing the available allocation within days. The offer period, originally set to run until November 20, 2024, was officially closed on November 18, 2024, due to the oversubscription.

In a joint statement, DoubleDragon and its underwriters—RCBC Capital Corporation, Landbank, and Unicapital Inc.—thanked investors for their strong support.

“We seek the understanding of the investing public for cutting short the DD retail bond offer period due to oversubscription way ahead,” the company said.

DoubleDragon Chairman Edgar “Injap” Sia expressed gratitude for the market’s response to the offering, which reinforces the company’s vision of expansion in the Philippines and internationally.

“We are very glad on the early oversubscription outcome of this DD Otso-Buenas Peso Retail Bond offering, enabling DoubleDragon to capture an even wider stakeholder base into DoubleDragon’s ecosystem,” Sia said.

He added that the overwhelming support will motivate the company to continue its efforts to make DoubleDragon more relevant and resilient in the years ahead.

The proceeds from the bond offering are expected to support DoubleDragon’s ongoing expansion projects, solidifying its presence across various sectors, including real estate and retail.

The bonds were marketed with joint lead underwriters, issue managers, and bookrunners working closely to meet investor demand, reflecting strong confidence in DoubleDragon’s growth trajectory.