Conglomerate San Miguel Corp. (SMC) has completed a P30-billion fresh domestic bond offering, setting a new record as the largest bond deal carved by a nonbanking institution out of the local debt market.
SMC, which has been an active issuer of corporate bonds in the last 12 years, returned to the local debt market for the first time since the pandemic wreaked havoc on the global economy. Proceeds from the issuance will be used to retire existing dollar-denominated obligations, allowing the firm to curb foreign exchange risks.
The six-year SMC bonds due in 2027, which carry an interest rate of 3.3832 percent per annum, were listed on local fixed-income trading platform Philippine D…
Keep on reading: SMC completes P30-B record bond float