SM Investments raises $250 million from unhedgeable CB

The Philippine investment holding company attracts good demand from outright investors, but doesn't immediately exercise the $50 million upsize option.

SM Investments raises $250 million from unhedgeable CB

SM Investments Corp SMIC on Thursday last week proved that it is possible sell convertible bonds in Asia that aren’t hedgeable. The Philippine investment holding company was able to raise $250 million by tapping primarily outright and long-only investors and did so at a time when its share price was trading at a record high.

By comparison, the CBs issued by Taiwan technology rivals Pegatron and Wistron in January failed to gain much traction with...

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