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Manila Bulletin devider Business devider The Stock Market devider SM Prime raises ₱17 billion from retail bond offering

SM Prime raises ₱17 billion from retail bond offering

Published Nov 17, 2025 12:08 pm  |  Updated Nov 17, 2025 02:37 pm
SM Prime Holdings Inc. (SM Prime), one of Southeast Asia’s largest integrated property developers, has successfully raised ₱17 billion from the issuance of retail bonds, which were listed at Philippine Dealing & Exchange Corp. (PDEx) on Monday, Nov. 17.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said this consists of ₱12 billion from the principal offering and the oversubscription option of up to ₱5 billion.
The issuance, consisting of series AB, AC, and AD bonds due in 2030, 2032, and 2035, respectively, marks the third tranche of the company’s ₱100-billion shelf registration of fixed-rate bonds approved by the Securities and Exchange Commission (SEC).
SM Prime has set the interest rates for the bonds at 5.9096 percent for series AB due in 2030, 6.0858 percent for series AC due in 2032, and 6.2855 percent for series AD due in 2035. The funds raised will be used by the company to refinance debt.
Similar to its previous bond issues, series AB, AC, and AD 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 commitment on the obligations is extremely strong.
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 cashflow 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 parent company 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.

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SM Prime Holdings Inc. Philippine Dealing & Exchange Corporation Jeffrey C. Lim
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