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,...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: barclays | citi | bond | philippines | conglomerate | smic

Print Edition

FinanceAsia Print Edition