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Manila Bulletin devider Business devider The Stock Market devider SEC approves SM Prime's ₱17-billion fixed-rate retail bond offering

SEC approves SM Prime's ₱17-billion fixed-rate retail bond offering

Published Oct 30, 2025 03:52 pm
The Securities and Exchange Commission (SEC) has approved the planned fixed-rate retail bond offering of SM Prime Holdings, Inc., worth up to ₱17 billion under the company’s ₱100 billion shelf registered bonds.
In a disclosure to the Philippine Stock Exchange, SM Prime said it has received from the SEC the Certificate of Permit to Offer Securities for Sale for its third tranche bonds amounting to ₱12 billion, with an oversubscription option of up to ₱5 billion.
SM Prime set the interest rates for the bonds yesterday at 5.9096 percent for the Series AB due on 2030, the Series AC at 6.0858 percent due on 2032, and the Series AD at 6.2855 percent due on 2035.
The funds raised will be used by the company to refinance debt. The offer period of the Bonds will take place from November 3 to 7, 2025.
Similar to its previous bond issues, the Series AB, AC and AD have been given the highest rating of PRS Aaa by Philippine Rating Services Corporation (PhilRatings).
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 commitment on the obligations is extremely strong.
PhilRatings said the assigned issue ratings consider SMPH’s well-experienced shareholders and seasoned management; solid brand equity; improved margins, backed by sustained profitability; and healthy cashflow generation and satisfactory capitalization structure.
Last September, SM Prime raised $350 million from its inaugural 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 parent company SM Investments Corporation.
“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.
In the first six months of 2025, SM Prime’s consolidated revenues rose by 5.2 percent to ₱68.0 billion, led by a 7.1 percent increase in rental income to ₱40.5 billion.
Real estate sales reached ₱20.0 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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SM Prime Holdings Inc. Philippine Rating Services Corporation Jeffrey C. Lim
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