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Manila Bulletin devider Business devider The Stock Market devider SM Prime plans ₱18-billion bond offering to fund capex, refinance debt

SM Prime plans ₱18-billion bond offering to fund capex, refinance debt

Published Apr 28, 2026 11:28 am

SM Prime Holdings Inc. (SM Prime), one of Asia’s largest integrated property developers, is planning to raise ₱18 billion from a planned bond issuance to refinance maturing obligations and fund capital expenditures (capex).

Philippine Rating Services Corp. (PhilRatings) said it has assigned its highest issue credit rating of PRS Aaa, with a stable outlook, to SM Prime’s proposed bond issuance of ₱12 billion, with an oversubscription option of up to ₱6 billion.

The proposed issue represents the fourth tranche of the firm’s shelf-registration debt securities program of up to ₱100 billion.

PhilRatings also maintained its issue credit rating of PRS Aaa, with a stable outlook, on SM Prime’s total outstanding bonds amounting to ₱137.9 billion.

Obligations rated PRS Aaa are of the highest quality, with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. On the other hand, a stable outlook indicates that the rating is likely to be maintained over the next 12 months.

The assigned issue credit ratings and outlook take into account SM Prime’s well-experienced major shareholder and seasoned management, its solid brand equity, its sustained profitability on the back of rental income growth, and its healthy cash flow generation and satisfactory capitalization structure.

SM Prime, under the SM Supermalls brand, remains the largest mall operator in the Philippines. As of end-2025, SM Prime’s Philippine mall portfolio had grown to 89 malls, following the addition of SM City La Union in October last year.

The company, through its hotels and convention centers business unit, operates the largest privately run exhibition and convention chain in the Philippines. Looking ahead, total leasable space will be further expanded by the upcoming completion of SMX Convention Center Seaside Cebu this year.

As of end-2025, SM Prime had a total nationwide land bank of 4,446 hectares (ha), spread across its various business segments. According to management, the current land bank can support five to seven years of development.

Amid anticipated slower economic growth, SM Prime expects to sustain its earnings growth moving forward, with rental income as the primary revenue contributor. Healthy liquidity levels are also projected to be maintained, while its capital structure is seen to further strengthen in the long term.

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Philippine Rating Services Corporation SM Prime Holdings Inc.
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