Highlights

• SEC approves Cebu Landmasters’ ₱5-billion sustainability-linked bond under its ₱15-billion shelf registration.
• PhilRatings assigns PRS Aa plus with a stable outlook based on CLI’s standing in the Visayas and Mindanao real estate market.
• Bond series carry coupon rates of 6.54% to 6.96%, with listing on PDEx scheduled for December 2025.

The Securities and Exchange Commission (SEC) Philippines has given Cebu-based developer Cebu Landmasters Inc. (CLI), a leading real estate developer in the Philippines, the go-ahead for its ₱5-billion sustainability-linked bond issuance.

This forms the last tranche under the company’s ₱15-billion shelf registration of debt securities. Through this move, the company continues its plan to tap the Philippine bond market for long-term capital tied to its growth in the Visayas and Mindanao (VisMin) real estate sector.

According to its disclosure to the Philippine Stock Exchange (PSE), CLI received a certificate permitting it to sell up to ₱3 billion worth of bonds, along with an option to increase the size by ₱2 billion.

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The bonds are grouped into three series. Series F has a four-year tenor with a 6.5408% annual coupon, series G has a seven-year tenor with a 6.6807% rate, and series H runs for ten years with a 6.9572% coupon.

The company has scheduled the offer period for 24–28 November 2025, with trading on the Philippine Dealing & Exchange Corp. (PDEx) set for 5 December 2025.

Philippine Rating Services Corp. (PhilRatings) assigned the bonds a PRS Aa plus rating accompanied by a stable outlook. This rating category applies to obligations viewed as high quality and exposed to very low credit risk.

According to PhilRatings, the factors that shaped its view include CLI’s management performance, steady real estate sales, liquidity position, leverage level, and its track record in the VisMin property market, where it has gained ground over the past few years.

In its assessment, PhilRatings also noted that the competitive environment presents pressure since several players have substantial capital access and large landbanks.

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It added that the rating for the sustainability-linked bonds addresses the company’s capacity to meet payments tied to the bond issuance. It is not an assessment of the company’s sustainability targets associated with the instrument.

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Source: Manila Bulletin