SM Prime Holdings Inc. has raised US$350 million through the issuance of five-year US dollar-denominated notes, marking its inaugural dollar bond issuance under the US$3 billion euro medium-term note (EMTN) program launched in May 2024.
The notes, carrying a 4.75 percent coupon rate—the lowest for such an issuance since September 2020—will be listed on the Singapore Exchange. The offering saw strong investor interest, being nearly three times oversubscribed with final demand exceeding US$990 million.
Proceeds will be used for general corporate purposes, according to SM Prime. The issuance, conducted via its wholly owned subsidiary SMPHI SG Holdings Pte. Ltd. and guaranteed by SM Prime, represents the second drawdown under the EMTN program jointly established with SM Investments Corp.
“The continued interest from global investors underscores their sustained confidence in our long-term growth prospects,” said SM Prime president Jeffrey C. Lim.
Distributed to high-quality global accounts, 91 percent of the notes were allocated to Asia and 9 percent to EMEA. By investor type, 80% went to fund managers, followed by banks (12 percent), private banks (4 percent), financial institutions (3 percent), and insurers (1 percent).
HSBC, J.P. Morgan, Standard Chartered Bank, and UBS acted as joint lead managers and bookrunners, with BDO Capital and Chinabank Capital as joint domestic managers.
“This issuance will support our commitment to sustainable growth and continued contribution to the nation’s progress,” said CFO John Nai Peng C. Ong.
