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SM Prime Holdings lists P10-B bonds

LISTED PROPERTY developer SM Prime Holdings, Inc. has listed its retail bonds on Friday, marking the country’s first bond listing for 2021 at the Philippine Dealing & Exchange Corp. (PDEx).

In a regulatory filing, the company said it held a virtual listing ceremony of its latest fixed rate bonds, series M and N, which offered P10 billion – or an aggregate principal amount of P5 billion, and an oversubscription option of P5 billion.

The interest rate of SM Prime’s peso-denominated series M bond is at 2.4565% due in 2023, while series N is at 3.8547% due in 2026.

“This issuance is the second drawdown from the company’s P100 billion debt securities program under shelf registration registered with the Securities and Exchange Commission,” the disclosure said.

The joint issue managers for the offering are BDO Capital & Investment Corp. and China Bank Capital Corp. The two companies also join BPI Capital, First Metro Investment Corp., and SB Capital Investment Corp. as joint lead underwriters for the issuance.


In a previous disclosure, SM Prime Chief Finance Officer John Nai Peng C. Ong said the proceeds of the retail bonds would fund the company’s expansion plans. The company’s series M and N retail bonds received a rating from the Philippine Rating Services Corp. of “PRS Aaa,” which is the highest rating assigned by the local debt watcher.

As of September 2020, SM Prime posted a 48% decline in its consolidated net income to P14.4 billion. The company’s consolidated revenues fell 29% to P60.7 billion.

On Friday, shares in SM Prime at the stock exchange rose 2.95% or P1.10 to close at P38.35 apiece. — Revin Mikhael D. Ochave


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