SMIC launches P10B bond offer

SM Investments Corp. launched Wednesday an offering of P10 billion worth of retail bonds to fund the firm’s expansion of office and hotel property businesses.

In a statement, SMIC said the offering of seven- and 10-year bonds, which can be increased to P15 billion, would run until July 6 this year. The launch came after the company obtained final approval from the Securities and Exchange Commission (SEC).

The fixed-rate bonds are being issued in two tranches: series-C with a maturity of seven years and a coupon rate of 6 percent and series-D with a maturity of 10 years and a coupon rate of 6.9442 percent.

The bonds will be issued in scripless form in minimum denominations of P20,000 each and in multiples of P10,000 thereafter.

The SMIC bonds carry a triple-A rating from Philippine Ratings Services Corp.

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