EDC has raised P12 billion from its maiden retail bond offering, P2B more than originally planned, due to substantial demand from both retail and institutional investors. With the overwhelming market reception to EDC’s bond issuance, the bonds were fully taken up ahead of the original closing date of Nov. 26.

The SEC had approved the firm’s registration application to issue up to P10B in retail bonds, with an oversubscription option of up to P2B. The retail bonds carry a yield of 8.6418% per annum for a tenor of five and a half years and 9.3327% for the seven-year tenor.

The EDC bonds, which were offered to the public starting Nov. 18, were issued on Dec. 4. They were rated PRS Aaa by the Philippine Ratings Services Corporation, the highest credit rating. BDO Capital & Investment Corp. acted as the issue manager and sole bookrunner for the bond issue, while the joint lead underwriters were BDO Capital, RCBC Capital Corporation, BPI Capital Corporation and SB Capital Investment Corporation.

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