SMIC to offer P10B Retail Bonds

SM Investments Corp’s (SMIC) plan to raise P10 billion in peso-denominated retail bonds has been approved by the Security and Exchange Commission. This will be SMIC’s debut in the local bond market. SMIC usually raise funds through private placements.

The proposed issuance of fixed-rate domestic retail bonds is pegged at a minimum P20,000 investment per transaction. I think this is one of the lowest minimum investment for corporate bonds this year.

The bonds will be issued in two tranches maturing either in five or seven years. The bonds shall be jointly underwritten by BDO Capital & Investment Corp., BPI Capital Corp., China Banking Corp., Union Bank of the Phils., and RCBC Capital Corp., SMIC said. (new from Inquirer)

MRT starts 24-hour operations on June 1

Story from Inquirer. Isn’t this good news? Now we don’t have to feel scared about going home late after staying late in the office. For me, the MRT is the safest ride out there. No more scary encounters with a taxi or bus holdup gangs. I just hope that this will become a regular thing.

RP in the brink of recession

Most of the economists in the Philippines held their breath as the result of the 1Q 2009 national accounts showed that the Philippine economy is in the brink of recession. The first quarter output was pegged at 0.4 percent due to the global financial crisis, the National Statistical Coordination Board. More of the story here .

And I thought we are on our way to recovery as signs of stock market rally was seen in previous week coupled by the appreciation of the peso, although external trade data says we are far from recovery. Would there be a buying spree for blue chip stocks again? Are we yet to see the bottom now? We shall all find out in the days to come