(The Philippine Star) | Updated July 11, 2016 - 12:00am
MANILA, Philippines -
Investors swamped the P15-billion bond offer of SMC Global Power Holdings Corp.
“It’s at least
three times oversubscribed,” said Ed Francisco, president of BDO Capital and
Investment Corp.
SMC will list the bonds
today at the Philippine Dealing System.
Francisco said investors
swamped the deal because of its attractive rates. “SMC is relatively generous
when they price their deals,” Francisco said.
Proceeds of SMC’s bonds
would be used to finance a short-term loan extended by BDO Unibank Inc. for the
redemption of $300 million corporate notes maturing this year.
The company received a
PRS Aaa rating from the Philippine Rating Services Corp. (PhilRatings), the
highest rating given by the debt watcher, which indicates minimal credit risk
and the issuer’s extremely strong capacity to meet its obligations.
SMC’s bond listing is
the second listing under the new administration after Ayala Corp’s P10 billion
issue.
The Philippine Dealing
and Exchange Corp (PDex) expects P35 billion in issuances this month alone from
three issuers – Ayala Corp., SMC Global Power and SM Prime Holdings.
SMPH will be the third
issuer with P10 billion 2026 bonds. The target listing date is on July 25.
Cesar Crisol, PDex
chairman said the expected listings for the month of July totaling P35 billion
is an auspicious beginning under the new administration and a definite sign of
the positive outlook of corporate sector of the “changes” now happening.
He also welcomed
Ayala’s listing, the first under the new administration.
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