In a statement, the Sy family’s conglomerate said this issuance – part of a $3-billion Euro Medium-Term Notes (EMTN) program initiated last May – will be listed on the Singapore Exchange.
The debt notes attracted significant investor interest, being 3.2 times oversubscribed with demand reaching $1.6 billion.
The notes are priced at a 5.466% yield, 135 basis points above the US treasury benchmark, with a coupon rate of 5.375%. The final spread represents a 35 basis point tightening from initial price guidance, the company said.
SM Investments’ chairman Amando Tetangco, Jr., highlighted the issue's success, attributing it to the quality and investability of Philippine corporates.
The 5-year notes were distributed predominantly to Asian investors (87%) and fund managers/asset managers (83%).
SMIC SG Holdings Pte. Ltd., a wholly-owned subsidiary, issued the notes, guaranteed by SM Investments. HSBC, J.P. Morgan, Standard Chartered Bank, and UBS served as joint lead managers and bookrunners, with BDO Capital and China Bank Capital as joint lead managers.
Proceeds from the issuance will be used for general corporate purposes, reflecting SM Investments’ strategic financial management amidst market volatility.
