Firms proceeded with their planned fund raising despite the rising concerns over the impact of the coronavirus diseases 2019.
SM Prime Holdings Inc. said it successfully issued P15 billion of its five-year and seven-year bonds with coupons of 4.8643 percent p.a. and 5.0583 percent respectively.
The company earlier said the amount is the first tranche of its P100 billion shelf-registered bond recently approved by the Securities and Exchange Commission.
The company said it is set to issue the first tranche consist of five-year and seven-year fixed-rate bonds, with an initial offering of P15 billion and with an option to issue an additional amount of up to P5 billion.
The proceeds from the retail bond will enable the company to pursue it expansions plans for its core businesses, primarily of its malls projects, SM Prime said.
Tapped as joint issue managers are BDO Capital & Investment Corp., and China Bank Capital Corp.. They also serve as joint lead underwriters and joint bookrunners together with BPI Capital Corp., EastWest Banking Corp., First Metro Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp.
Rizal Commercial Banking Corp., meanwhile said it also raised P3 billion through its two-year peso fixed rate bond offering under its P100 billion bond and commercial paper program, earlier that its original target close of March 27, 2020.
Proceeds from the offering will be used to support the bank’s asset growth, refinancing maturing liabilities and fund other general corporate purposes.
The bonds will be issued at a coupon of 4.848 percent and is expected to be listed on the Philippine Dealing and Exchange Corp. on April 7, 2020.
RBCB said it decided to shorten the public offer in order to provide sufficient time for the submission of the documentary requirements in light of the logistical challenges given enhanced community quarantine brought about by COVID-19.
“This is in line with RCBC’s commitment to restore normalization in the capital markets and support business activities despite current execution challenges,” it said.
The Hongkong and Shanghai Banking Corp. Ltd., has been mandated as sole lead arranger and bookrunner, together with the RCBC Capital Corp. as the financial advisory, with both entities as selling agents.
