Philippines' SM Group sells $500 million of bonds

Philippine conglomerate SM Investments Corporation, the holding company of the group, raises competitive dollar funding thanks to local demand.

Demand from onshore investors helped SM Group, a Philippine conglomerate, to sell a keenly priced $500 million bond yesterday. The five-year notes are issued by SM Investments Corporation SMIC, the group holding company, and will pay investors a 6% coupon.

Close to two-thirds of the bonds, or $325 million, were bought by accounts based in the Philippines, where investors took pricing cues from the sovereign bond market. With the notes priced at par,...

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