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Manila Bulletin devider Business devider The Stock Market devider SM Prime raises $350 million from maiden US dollar bond offering

SM Prime raises $350 million from maiden US dollar bond offering

Published Sep 10, 2025 03:37 pm
Sy-led SM Prime Holdings, Inc., one of Southeast Asia’s largest integrated property developers, has successfully raised $350 million from its inaugural US dollar-denominated debt offering in the bond market.
The firm informed the Philippine Stock Exchange that it has priced the drawdown from its $3 billion multi-issuer Euro Medium-Term Note (EMTN) program at a coupon rate of 4.75 percent, the lowest coupon for such an issuance since September 2020.
The issuance was almost three times oversubscribed, with final demand reaching over $990 million. This issuance represents the second drawdown under the multi-issuer EMTN program of SM Investments Corporation, the parent company.
“Through this latest drawdown, we are able to tap the market at an opportune time to support our future projects and strategic initiatives,” said SM Prime President and CEO Jeffrey C. Lim.
He noted that, “The continued interest from global investors underscores their sustained confidence in our long-term growth prospects.”
SM Prime Chief Finance Officer John Nai Peng C. Ong said “SM Prime posted record revenues of
₱140 billion in 2024, and we aim to build on this momentum. This issuance will support our
commitment to sustainable growth and continued contribution to the nation’s progress.”
The 5-Year Notes, which will be listed on the Singapore Exchange Securities Trading Limited, were distributed to high-quality global accounts.
By geography, the Notes were distributed 91 percent to Asia, and nine percent to EMEA (Europe, Middle East, and Africa).
By investor type, the 5-Year Notes were distributed 80 percent to Fund Managers, 12 percent to Banks, four percent to Private Banks, three percent to Financial Institutions and one percent to Insurers.
Issued by SM Prime’s wholly owned subsidiary, SMPHI SG Holdings Pte. Ltd, the notes are guaranteed
by SM Prime.
HSBC, J.P. Morgan, Standard Chartered Bank and UBS acted as Joint Lead Managers and Joint Bookrunners, alongside BDO Capital and Chinabank Capital as Joint Domestic Managers.
The net proceeds from the EMTN issue will be allocated for general corporate purposes.
SM Prime currently has 88 malls in the Philippines and eight shopping malls in China, totaling 11.2 million square meters of Gross Floor Area (GFA). In the Philippines, it has a total of 22,192 tenants and 2,005 tenants in China as of June 2025.

Related Tags

SM Prime Holdings Inc. Jeffrey C. Lim John Nai Peng C. Ong
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