SMC lists ‘jumbo’ P30-billion f irst tranche bonds

SAN Miguel Corp. (SMC) listed the P30-billion first tranche of its shelf-registered bonds at the Philippine Dealing & Exchange Corp. (PDEx) on Thursday.

“We are very much delighted to start the second half of 2021 by welcoming back a long-standing frequent issuer, San Miguel Corp., to list this jumbo P30billion bond,” PDEx President and Chief Executive Officer Antonino A. Nakpil said during the virtual listing ceremony.

San Miguel’s six-year Series I due 2027 with a 3.3832% per annum rate forms part of its P50-billion shelf-registered fixed-rate bonds.

The P30-billion issue is said to be the largest bond issued and listed by a nonfinancial institution.

“We are also happy to note the breadth of investors that this bond size reached. At 6,097 holders, which — well, not a record in itself — is exceeded only by San Miguel’s own subsidiary, SMC Global Power’s issues that have had 6,836 and 6,307 holders,” Mr. Nakpil added.

The company now has P90-billion worth of PDEx-listed bonds, which is 6.36% of the total outstanding corporate bonds.

Including other business units of San Miguel, Mr. Nakpil further reported that the listed conglomerate has P244.47 billion or 17.21% of total listed issues. The PDEx currently has a total of P1.42-trillion tradable corporate debt instruments issued by 53 companies with 200 securities.

“On behalf of our Vice-Chairman and President Ramon S. Ang, allow me to express our utmost appreciation to everyone who worked with us in achieving this P30billion issuance out of our P50-billion shelf-registration,” San Miguel’s Senior Vice-President, Chief Finance Officer, and Treasurer Ferdinand K. Constantino said.

San Miguel’s issuance is the 11th listing at the PDEx this year, which brought the year-to-date total to P134.24 billion.

Meanwhile, shares of San Miguel at the stock market rose by 0.26% or 30 centavos to close at P117.30 each on Thursday.