Aeon Credit issues new 1-billion-peso ADB-backed bond to fund consumer loans

20, Nov. 2018

MANILA, NNA - Aeon Credit Service (Philippines) Inc. has issued a new 1-billion-peso ($19 million) corporate bond backed by the Asian Development Bank to fund consumer loans for people without bank accounts.

The bond will be offered in two tranches, maturing in 2021 and 2023, to fund loans for the purchases of goods like auto-tricycles and home appliances.

The bond is the first in the Philippines guaranteed by the Credit Guarantee and Investment Facility, issued under the Multi-Currency Bond Issuance Framework, an initiative by the Association of South-East Asian Nations plus China, Japan and South Korea to develop markets for local currency-denominated corporate bonds issued in the region.