smic-issues-first-philippine-cb-since-1996

SMIC issues first Philippine CB since 1996

Strong demand allows the aggressively priced bond transaction to be upsized to $270 million.

SM Investments last night raised $270 million from a convertible bond issue that benefited both from the scarcity of Philippine paper and the strong name of the issuer.

The deal, which was increased from an original base size of $200 million, was the first fully marketed CB by a Philippine issuer since 1996 and the largest since JG Summit completed a $260 million deal in 1993. It was also priced off a share price that has rallied 76% in the past five months and was within 4% of the record close that it hit earlier in the week. Unusually, the share price has even gained 22% since the bond...

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