China Bank Capital Corporation, the investment banking arm of China Banking Corporation (China Bank), acted as one of the joint issue managers, joint lead underwriters, and joint bookrunners for Ayala Corporation’s P10-billion, eight-year bond issue—the first ever eight-year bond issue by a Philippine corporate and the first corporate bond to be listed in 2017. The transaction was launched as part of the shelf registration of Ayala’s P20-billion fixed rate bonds program established in 2016. Present at the ceremonial bell ringing at the Philippine Dealing and Exchange Corp. were Ayala Corporation Chairman and CEO Jaime Augusto Zobel de Ayala (3rd from left), China Bank Capital Managing Director and Investment Banking Group Head Virgilio O. Chua (rightmost), and (from L-R) BPI Capital Corporation President Juan Carlos Syquia, Ayala Corporation Chief Finance Officer, Chief Risk Officer, and Finance Group Head Jose Teodoro K. Limcaoco, Ayala Corporation Executive Director and Treasurer Ma. Cecilia T. Cruzabra, PNB Capital and Investment Corporation President and CEO Gerry B. Valenciano, and PNB Capital and Investment Corporation Vice President Sabino B. De Leon III.