Ayala Corp’s preferred shares sale 100% oversold

Ayala Corp [AC 562.00 ?0.1%; 94% avgVol] [link] updated the exchange to say that it sold 5 million preferred shares [ACPB] as part of its firm offer, and 5 million additional preferred shares as part of its overallotment option, and that it will list all 10 million tomorrow. The sale raised P20 billion for AC.

  MB BOTTOM-LINE:  This may have been a way for institutional investors to lock in some higher-yield fixed income products before whatever the BSP decides to do on Thursday and in the coming months. Lots of talk about the need to cut, and maybe all of this “cut cut cut” sentiment got some people with a lot of cash jumping at the chance to park a big chunk of it in AC preferred shares at a reasonable yield.