MANILA, June 3 SM Investments Corp, the
Philippines' second-biggest conglomerate by market
capitalisation, has issued price guidance for an offering of
10-year U.S. dollar bonds at a yield of 5.125 percent, IFR
Pricing of the unrated deal could be done on Tuesday,
according to IFR, a Thomson Reuters unit.
In a stock market filing in Manila, SM said it had appointed
Citi and Standard Chartered Bank as joint lead
managers and joint bookrunners for a bond deal with maturity of
up to 10 years.
Proceeds will be used for general corporate purposes,
including refinancing of existing debts, it said.
IFR said the bond issue was benchmarked to SM's own 4.25
percent bonds due 2019 and to the 4.375 percent bonds due 2023
issued by another Philippine conglomerate, JG Summit Holdings
SM, owned by the country's richest man Henry Sy Sr, controls
SM Prime Holdings Inc, one of Southeast Asia's biggest
property groups, and the Philippines' biggest lender, BDO
(Reporting by Lianting Tu of IFR in Singapore and Erik dela
Cruz in Manila; Editing by Anand Basu)