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Manila Bulletin devider Business devider The Stock Market devider SM Prime prices ₱17-billion fixed-rate bond offering

SM Prime prices ₱17-billion fixed-rate bond offering

Published Oct 29, 2025 10:26 am
SM Prime Holdings Inc. (SM Prime), one of Southeast Asia’s largest integrated property developers, has set the interest rates for its peso-denominated fixed-rate bond issuance worth up to ₱17 billion.
The firm disclosed to the Philippine Stock Exchange (PSE) that the interest rates have been pegged for Series AB at 5.9096 percent, due in 2030; Series AC at 6.0858 percent, due in 2032; and Series AD at 6.2855 percent, due in 2035.
SM Prime will issue a total principal amount of ₱12 billion, with an oversubscription option of up to ₱5 billion, to refinance debt. The offer period for the bonds will take place from Nov. 3 to 7, 2025.
Similar to its previous bond issues, the Series AB, AC, and AD bonds have been given the highest rating of PRS Aaa by Philippine Rating Services Corp. (PhilRatings).
A PRS Aaa rating denotes that such obligations are of the highest quality with minimal credit risk, and the issuing company’s capacity to meet its financial commitments on the obligations is extremely strong.
The proposed issuance represents the third tranche of SM Prime’s ₱100-billion shelf registration of fixed-rate bonds approved by the Securities and Exchange Commission (SEC) under SEC Markets and Securities Regulation Department (MSRD) Order No. 46, series of 2024, dated June 6, 2024.
PhilRatings said the assigned issue ratings consider SM Prime’s well-experienced shareholders and seasoned management; solid brand equity; improved margins backed by sustained profitability; and healthy cash flow generation and satisfactory capitalization structure.
Last September, SM Prime raised $350 million from its inaugural United States (US) dollar-denominated debt offering in the bond market. It 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 with its parent company, Sy family-led SM Investments Corp. (SMIC).
“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 Chief Executive Officer (CEO) Jeffrey C. Lim.
In the first six months of 2025, SM Prime’s consolidated revenues rose by 5.2 percent to ₱68 billion, led by a 7.1-percent increase in rental income to ₱40.5 billion.
Real estate sales reached ₱20 billion, while other revenues grew by 6.7 percent to ₱5.6 billion. Net income improved by 10.5 percent to ₱24.9 billion, with net margin increasing to 36.6 percent.
“Profitability and cash flow generation are expected to be sustained, while the capital structure is seen to gradually strengthen through earnings retention and debt reduction,” said PhilRatings.

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