The notes, listed on the Philippine Dealing & Exchange Corp., consisted of P12 billion in fixed retail bonds plus up to P5 billion in oversubscriptions, issued across three series maturing in 2030, 2032, and 2035 under the company’s P100-billion shelf registration program.
Philippine Rating Services Corp. assigned the issue a PRS Aaa with a stable outlook, reflecting minimal credit risk and a strong capacity to meet interest and principal payments.
BDO Capital and Chinabank Capital served as joint issue managers, lead underwriters, and bookrunners for the deal, alongside BPI Capital, EastWest Bank, First Metro Investment, and Security Bank Capital, which were tapped as joint lead underwriters and bookrunners.
The peso bond sale comes shortly after SM Prime completed its first-ever US dollar bond offering— a $350-million five-year issuance that drew almost three times demand, with orders exceeding $990 million.
The dollar deal, issued under the developer’s $3-billion Euro Medium-Term Note program, carried a 4.75-percent coupon, the lowest achieved by a Philippine issuer since September 2020.
—Edited by Miguel R. Camus
