The Asset has chosen Energy Development Corporation’s (EDC) P5-billion dual tranche ASEAN Green Bond as the best local currency green bond in the Southeast Asia-Best Deals category for sustainable finance in its Triple A Country Awards 2021.

The Asset is a financial multimedia group that has the widest reach among Asian issuers and global institutional investors. Through the Triple A Country Awards, it has been recognizing the most laudable initiatives in banking, finance, treasury and capital markets with focus on activities in domestic markets.

“We are grateful for The Asset’s recognition of our efforts to encourage investors to take a strong stand for the environment through our ASEAN Green Bond program. The public’s strong support for the expansion of our 100% renewable energy portfolio and the financial institutions’ commitment to focus only on funding low carbon power are crucial in speeding up that necessary transition to a decarbonized world. We all need to work together to achieve this while we still can,” said EDC chief finance officer Erwin Avante.

On June 14, 2021, the Securities and Exchange Commission (SEC) approved the shelf registration of the EDC ASEAN Green Bonds and issued the permit to sell for the bonds. The bonds were rated PRS Aaa, with a stable outlook, by Philippine Rating Services Corporation and are the first SEC-registered peso-denominated ASEAN Green Bonds to be issued by a power company in the Philippines.

EDC’s P5 billion worth of SEC-registered ASEAN Green Bonds was listed in the Philippine Dealing & Exchange Corporation on June 25, 2021 and is the first tranche to be issued out of the company’s P15-billion ASEAN Green Bonds shelf registration.

Due to strong demand, the P3 billion base offer of the issuance was more than 10x oversubscribed, allowing EDC to fully exercise the oversubscription option and raise another P2 billion. The bonds were priced at the lowest end of the range at 2.8565% and 3.7305% for the three-year and for the five-year series, respectively. (Story/Photos by: Frances Ariola)