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SMIC lists P25 billion bonds today

By Zinnia B. Dela Peña (The Philippine Star) Updated July 16, 2012 12:00 AM

MANILA, Philippines - SM Investments Corp. (SMIC), the listed flagship firm of retail tycoon Henry Sy, will list today P25 billion worth of retail bonds on the Philippine Dealing and Exchange Corp., allowing holders of this instrument to freely trade their bonds through accredited brokers.

The bonds to be listed are the P10 billion worth of fixed-rate Series A bonds due 2014 and Series B bonds due 2016, plus the recently issued P15 billion worth of fixed-rate Series C Bonds due 2019 and Series D Bonds due 2022.

SMIC executive vice-president and chief financial officer Jose T. Sio said the bonds’ listing on the PDEX would create a venue through which the company can provide increased flexibility to its bondholders while also giving greater access to retail investors of SM bonds.

SMIC’s P15 billion bond issue, which closed last July 6, 2012 was upsized from the initial offer of P10 billion on strong demand from both retail and institutional investors. Proceeds would be used to finance the medium-term projects of the group in the hotel and commercial properties business.

The bond issue, which ran from June 27 to July 6, was assigned the highest corporate rating of PRS AAA by Philippine Ratings Services Corp.

 The rating denotes that such obligations are of the highest quality with minimal credit risk, and that the issuing company’s capacity to meet its financial commitment on the obligations is extremely strong.

 BDO Capital & Investment Corporation, BPI Capital Corporation, China Banking Corporation, and First Metro Investment Corporation were the joint lead underwriters for the issue.
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