SM Investments upsizes bond offering to P15 billion
Tuesday, July 10, 2012
Source: Business Mirror By Miguel R. Camus / Reporter
SM Investments Corp. (SMIC), the listed holding company of businessman Henry Sy, upsized its retail bond issue by P5 billion to raise a total of P15 billion amid high demand, a statement on Monday showed.
The issue consists of the 6 percent Series C bonds due 2019 and 6.94 percent Series D bonds due 2022.
The bonds were purchased by a wide spectrum of investors ranging from individuals in the retail market to banks, investment funds, pension funds, insurance companies and other corporates, SMIC said.
“The strong market response prompted the joint issue managers and joint lead underwriters to exercise the company’s oversubscription option,” it added.
The offer period for the SMIC bonds opened on June 27 and closed on July 6. The issue date is on July 16.
SMIC’s maiden peso-denominated public bond issue in June 2009, comprised of five-year Series A and 7-year Series B tranches, was similarly oversubscribed.
From an initial offer size of P5 billion, the 2009 issue doubled to P10 billion also on strong demand from both retail and institutional investors.