The local offering consists of P12 billion in fixed-rate bonds plus a P5 billion oversubscription option, the third tranche of its P100 billion previously filed with the Securities and Exchange Commission.
Philippine Rating Services Corp. assigned the issue a PRS Aaa with a stable outlook, the highest grade denoting minimal risk and strong capacity to pay.
February 2025 peso bonds, international offering
On February 25, 2025, SM Prime also issued P25 billion worth of retail bonds, the second tranche of its P100-billion program, to fund expansion plans.
Earlier this month, SM Prime completed a $350-million offshore five-year bond issue that carried a 4.75 percent coupon, the lowest for a Philippine issuer since 2020, and attracted nearly three times demand.
Company president Jeffrey C. Lim said the drawdown came at an “opportune time” to fund projects.
It also comes as SM Prime prepares to bankroll a series of expansion moves after delaying its $1 billion real estate investment trust offer for its vasts shopping mall portfolio amid volatile market conditions.
—Edited by Miguel R. Camus
