After digesting a week of issuance from high-growth, high-beta Chinese tech and gaming companies, equity-linked investors were relieved on Thursday evening to see a deal for Philippines blue-chip Ayala Land.
The $300 million bond was issued by Ayala Corp, the parent company, and is exchangeable into shares of Ayala Land, which has become a popular stock with investors thanks to its solid reputation and recent rapid growth profits rose 30% last year.
That’s not quite Chinese internet growth but Ayala Land offers considerable comfort as a large and liquid stock that offers a different type of exposure to the companies coming out of China. It is the...
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