SM Group’s P84B bond listings 14% of PDEx total

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THE SM Group currently has P84.39 billion worth of bonds listed on the Philippine Dealing and Exchange Corp., accounting for 14.47 percent of the total corporate fixed-income issues on the local bond market.

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In a disclosure to the Philippine Stock Exchange on Thursday, SM Prime Holdings Inc., the property development arm of the SM Group, said it recently listed its P10 billion fixed rate bonds due in 2026.

“For this series, SM Prime has set the interest rate for its Peso-denominated Series F, 10-year retail bonds at 4.2005% p.a. with an aggregate principal amount of PHP10 billion,” SM Prime said.

The P10-billion issue is the first tranche of SM Prime’s P60-billion bond offering that was recently approved by the Securities and Exchange Commission (SEC).

SM Prime will use the proceeds of the bond offer to fund its countryside expansion efforts.
In a statement, Philippine Dealing System Holdings Corp. and Subsidiaries (PDS) president and chief executive officer Cesar Crisol said: “PDS Group has long admired SM Prime’s plans and efforts to expand and develop the country’s up and coming regional cities. And as SM Prime has been executing this strategy for many years now, one may easily cite the firm as being one of earliest advocates of ‘inclusive economic growth.’”

In a separate statement, PDS noted that SM Prime’s P10-billion retail bond issue is the seventh listing for the year, which brings the year-to-date total of new listings to P55.96 billion and the total level of tradable corporate debt instruments to P586.07 billion issued by companies comprised of 107 securities.

Present during the ceremonial bond listing last July 26 were SMPH president Hans T.Sy, executive vice president Jeffrey C. Lim, chief finance officer John C. Ong, finance vice president Teresa Cecilia Reyes-Agsalud, investor relations vice president Alexander D. Pomento, treasury assistant vice president Maricel A. Ranola, and SM Investments Corporation treasury senior vice president Marcelo C. Fernando Jr.

Also present were representatives from the joint issue managers, joint bookrunners, and joint lead underwriters, including BDO Capital and Investment Corporation senior vice president Gabriel U. Lim, China Banking Corporation first vice president Virgilio O. Chua, First Metro Investment Corporation senior executive vice president Rabboni Francis B. Arjonillo, and Bank of the Philippine Islands executive vice president Dennis M. Montecillo.

The bond issue was recently rated PRS Aaa, the highest rating assigned by the Philippine Rating Services Corp. (PhilRatings), the company said.

“SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people,” the company said.

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