Diversified conglomerate San Miguel Corp. (SMC) is returning to the bond market with a jumbo bond offering of up to P80 billion. READ:
San Miguel said in a disclosure on the stock exchange Thursday its board approved the issuance of P60-billion worth of fixed-rate bonds with an oversubscription option of another P20 billion.
The conglomerate has not finalized the terms and conditions of the bond offering and did not the disclosure the use of proceeds.San Miguel in March raised P30 billion from issuance of five-year and seven-year, fixed-rate bonds, which carry a coupon rate of 5.2704 percent and 5.8434 percent, respectively.BDO Unibank Inc.’s P52.7-billion ASEAN Sustainability Bonds issued January this year is currently the largest corporate bond offering listed on PDEX.
Despite rising interest rates, corporates are flocking the bond market to raise funds in order to finance expansion plans.
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