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RETAIL FUNDS | Cesar Tordesillas, Philippines
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Philippines' SM Investments raises $500M selling 7-year bonds

SM Investments' raised US$500 million from the sale of 7-year bonds, which became oversubscribed five times.

Its rate was fixed at 4.25 percent per annum.

It is one of the cheapest rates seen by a Philippine corporate issuer for a seven-year tenor.

SM Investments said the issue attracted subscriptions totaling US$3.1 billion from institutional and private banking investors within the Philippines and across Asia and Europe, allowing SMIC to upsize the initial indicative size of the issue to US$500 million.

The bond issue is a debt management exercise which will further lengthen SMIC’s debt profile and take advantage of the much improved interest rate environment.

SM Investments appointed Citi, Deutsche Bank, and J.P. Morgan as joint lead managers and joint bookrunners for the transaction.

“This exercise is also our way of maintaining our presence in the bond market and fostering a sustainable relationship with the international investment community,” said SM Investments executive vice president and chief finance officer Jose Sio.

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