SMPH increases retail bond offer to P20-B

ABS-CBN News

Posted at Sep 01 2014 12:41 PM | Updated as of Sep 01 2014 08:41 PM

MANILA, Philippines - SM Prime Holdings has upsized its retail bond issue to P20 billion, on strong demand from investors.

In a statement, SMPH said both retail and institutional investors snapped up the company's maiden offering of retail bonds.

The original size of the bond issue was P15 billion.

The issue consists of the 5.1000% Series A bonds due 2020, 5.2006% Series B bonds due 2021 and 5.7417% Series C Bonds due 2024.

SMPH said the bonds were purchased by a wide spectrum of investors ranging from individuals in the retail market to banks, investment funds, pension funds, insurance companies and other corporates.

"The strong market response prompted the joint issue managers and joint lead underwriters to exercise the company’s oversubscription option," the company said.

The offer period for the SMPH bonds started August 13, and closed on August2 2. The issue date is today (September 1).

SMPH’s bonds are rated PRS Aaa by Philippine Rating Services Corporation (PhilRatings), the highest rating assigned by PhilRatings.

The joint issue managers and joint bookrunners of the SMPH bonds are BDO Capital & Investment Corporation and First Metro Investment Corporation, which also acted as joint lead underwriters together with BPI Capital Corporation and China Banking Corporation. Land Bank of the Philippines, Philippine Commercial Capital Inc., PNB Capital and Investment Corporation, RCBC Capital Corporation and SB Capital Investment Corp. acted as participating underwriters of the bond issue.