SM to issue 10-year US dollar bonds

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Real estate and banking conglomerate SM Investments Corp. (SMIC) will tap the debt market anew for additional fund-raising after securing approval from its board to issue long-term US dollar bonds.

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SMIC, the holding firm for Henry Sy-led companies, disclosed to the Philippine Stock Exchange on Tuesday that its Board of Directors has approved the issue of 10-year US dollar bonds.

“The offering is intended to be used for general corporate purposes, including refinancing of existing debts,” the listed firm told the local bourse.

SMIC appointed Citi and Standard Chartered Bank as joint lead managers and joint bookrunners for the issue.

The company, however, has yet to finalize the amount of funds it will raise from the issue.

“The Board of Directors also authorized the management to negotiate with Citi and Standard Chartered Bank and finalize the amount, terms and pricing of the bond issue subject to prevailing market conditions,” the disclosure added.

A month ago, SMIC returned to the local debt market with the listing of P15 billion Fixed Rate Series E Bonds due 2021 and Series F Bonds due 2024 on the Philippine Dealing and Exchange Corp.

The SM bonds, offered in two tranches, carry a coupon rate of 5.2958 percent and 5.6125 percent per annum, respectively.

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