SM Investments to issue 7- and 10-yr US dollar bonds

A retail trade, banking and property development giant on Wednesday said its going to the market for funds as part of its approach to debt management.   The Henry Sy-led SM Investment Corporation (SMIC) disclosed to the Philippine Stock Exchange it plans to issue seven- and 10-year US Dollar bonds.   Hired to sell the bonds to investors were Citi, JP Morgan, and Deutschebank.   “The offering is a debt management exercise which aims to further lengthen the company’s debt profile and take advantage of much improved interest rate environment,” SMIC’s disclosure read.   The company has yet to announce the terms and prices for its bond float.    “The Board of Directors also authorized the management to negotiate and finalize the amount, terms and pricing of the bond issue subject to the prevailing market condition,” the company noted.   Last month, SMIC raised P5 billion by floating seven- and 10-year fixed rate corporate notes to finance Mall of Asia’s SM Arena and a 200-room hotel in Davao City.   According to a Reuters company profile, SM Investments is the holding company of the SM Group of Companies, primarily engaged in five businesses through its subsidiaries: shopping mall development, retail, real estate development, hotel and conventions and financial services. — Rouchelle Dinglasan/VS, GMA News