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Manila's SM Investments sets new price guidance for bonds

Mon Jun 1, 2009 3:36am EDT

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MANILA, June 1 (Reuters) - Philippine mall-to-banking group SM Investments Corp (SM.PS) gave on Monday new price guidance for bonds it is planning to sell to raise up to 10 billion pesos ($212.4 million).

The group, owned by one of the country's richest men, Henry Sy, is looking to price its five-year bonds at 7.75-8.25 percent and its seven-year paper at 8.6-8.9 percent, according to documents distributed by the company at an investor briefing.

SM Investments gave in April an indicative yield of 150 to 200 basis points above secondary market rates for comparable government bonds for its debt issue. [ID:nMAN394635]

The best bid for 5-year government bonds PH5YT=RR was at 6.3271 percent and the seven-year PH7YT=RR was at 7.3267 percent in afternoon trading on Monday. The company is on a domestic roadshow until Wednesday, ahead of the pricing of the bonds on Friday.

The bonds will be on offer from June 8. ($1 = 47.085 pesos) (Reporting by Manolo Serapio Jr.; Editing by Muralikumar Anantharaman)



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