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Manila Bulletin devider Business devider The Stock Market devider SM Prime postpones ₱18-billion bond sale amid poor market conditions

SM Prime postpones ₱18-billion bond sale amid poor market conditions

Published Jun 3, 2026 12:24 pm
SM Prime Chief Finance Officer John Nai Peng C. Ong
SM Prime Chief Finance Officer John Nai Peng C. Ong

Sy-led SM Prime Holdings Inc. (SM Prime), a leading integrated property developer in Asia, has decided to defer its planned bond offering worth up to ₱18 billion until further notice due to adverse market conditions.

The firm informed the Philippine Stock Exchange (PSE) on Wednesday, June 3, that this was supposed to be the fourth tranche of its fixed-rate bonds of up to ₱12 billion, with an oversubscription option of up to ₱6 billion.

According to SM Prime Chief Financial Officer (CFO) John Nai Peng C. Ong, the shelved issuance consists of 5.75-year Series AE bonds due in 2032 and 10-year Series AF bonds due in 2036.

Proceeds of the bond issuance were intended to refinance maturing obligations and fund capital expenditures (capex), and the firm has yet to disclose if it will now source the funds internally or from banks.

Philippine Rating Services Corp. (PhilRatings) has assigned its highest issue credit rating of PRS Aaa, with a stable outlook, to SM Prime’s proposed bond issuance.

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 in the next 12 months.

The assigned issue credit rating 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, remained 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 2025.

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 in 2026.

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 the anticipated slower economic growth, SM Prime expects to sustain its earnings growth moving forward, with rental income as its 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. - James A. Loyola

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SM Prime Holdings Inc. John Nai Peng C. Ong Philippine Rating Services Corporation
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