sm-investments-raises-350-million-in-fiveyear-bonds

SM Investments raises $350 million in five-year bonds

The conglomerate defies choppy markets to issue the largest Philippines private sector bond on record.

SM Investments Corp SMIC maintains its status as one of a select handful of non-government affiliated Philippine companies with access to the international high-yield market, having just completed a $350 million five-year deal. The size of the current deal, which has a three-year put option, has in the past 10 years only been exceeded by National Power Corp Napocor, a government affiliated company. Napocor issued two $500 million bonds in 2000 and 2006, as well as a $400 million deal in 2003, according to data from Dealogic.

UBS was the sole bookrunner for the SMIC deal.

The deal was sold at par and priced...

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