Tuesday, September 2, 2014

SM Prime Holdings raises retail bond issue to P20B

Manila, Philippines – SM Prime Holdings, one of the property giants in the country announces that they are increasing their retail bond issues to P20 billion from the base offer of P15 billion. 

Strong demand from both retail and institutional investors has made the Sy-led property firm to upsize their bonds. In a disclosure sent to the Philippines Stock Exchange on Monday, they also declared that, “The bonds were purchased by a wide spectrum of investors ranging from individuals in the retail market to banks, investment funds, pension funds, insurance companies and other corporates,”

“The strong market response prompted the joint issue managers and joint lead underwriters to exercise the company’s oversubscription option,” they added. 

SM Prime's maiden offering of retail bonds was issued from August 13 to 22 and was listed on the Philippine Dealing and Exchange Corp. Monday. The issue consists of the 5.1000 percent Series A bonds due 2020, 5.2006 percent Series B bonds due 2021 and 5.7417 percent Series C Bonds due 2024.

SMPH’s bonds were rated the highest possible rating of the “PRS Aaa” by the Philippines Rating Services. Obligations rated by “PRS Aaa” are deemed “of the highest quality with minimal credit risk,” and that the issuing company’s capacity to meet its commitment on the obligations is “extremely strong.”

BDO Capital & Investment Corp. and First Metro Investment Corp. were the joint issue managers and joint bookrunners, which also acted as joint lead underwriters together with BPI Capital Corp. and China Banking Corp.
Land Bank of the Philippines, Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. acted as participating underwriters. 

SM Prime Holdings is the parent company of the SM Group’s shopping malls and is considered as the largest retail company in the country. 

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