SM Investments Corp. is listing in the Singapore Stock Exchange its $500 million bonds raised overseas out of its $3 billion multi-issuer euro medium-term notes (EMTN).
The issuance was 3.2x oversubscribed, with final demand reaching $1.6 billion. The proceeds will be used for general corporate purposes.
SM Investments said this marks its largest offshore bond issuance since 2014.
“Our establishment of the pioneer EMTN program allows us to efficiently access funding with flexibility especially in times of volatility,” said Amando Tetangco Jr., SM Investments chairman.
“We believe that the positive reception of this maiden issuance is a testament to the investability of quality Philippine corporates,” Tetangco added.
SM Investments said the five-year notes carried a coupon of 5.375 percent.
The IOUs were distributed to high-quality global accounts.
By geography, the five-year notes were distributed 87 percent to Asia, and 13 percent to EMEA (Europe, Middle East, and Africa). By investor type, the five-year notes were distributed 83 percent to fund managers/asset managers, 11 per cent to banks/financial institutions, and 6 percent to private banks/others.
The bonds was issued by SM Investments unit SMIC SG Holdings Pte. Ltd., guaranteed by the mother company.
HSBC, J.P. Morgan, Standard Chartered Bank and UBS served as joint lead managers and joint bookrunners. They were joined by BDO Capital and Investment Corp. and China Bank Capital Corp. as joint lead managers.
