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)
