SM Prime Prices Debut USD 350 Million Debt Notes on Singapore Exchange

​SM Prime Holdings, Inc. (SM Prime) successfully priced a USD 350 million drawdown from its USD 3 billion multi-issuer Euro Medium-Term Note (EMTN) program established in May 2024. The notes will be listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”).

​The issuance was almost 3x oversubscribed, with final demand reaching over USD 990 million. This issuance marks SM Prime’s inaugural USD-denominated debt offering in the bond market, and represents the second drawdown under the multi-issuer EMTN program with SM Investments Corporation.

“Through this latest drawdown, we are able to tap the market at an opportune time to support our future projects and strategic initiatives,” said Jeffrey C. Lim, President of SM Prime. “The continued interest from global investors underscores their sustained confidence in our long-term growth prospects.”

John Nai Peng C. Ong, Chief Finance Officer of SM Prime, added, “SM Prime posted record revenues of P140 billion in 2024, and we aim to build on this momentum. This issuance will support our commitment to sustainable growth and continued contribution to the nation’s progress.”

The notes have coupon rate of 4.75%, which feature the lowest coupon for such an issuance since September 2020.

The 5-Year Notes were distributed to high-quality global accounts. By geography, the 5-Year Notes were distributed 91% to Asia, and 9% to EMEA. By investor type, the 5-Year Notes were distributed 80% to Fund Managers, 12% to Banks, 4% to Private Banks, 3% to Financial Institutions and 1% to Insurers.

Issued by SM Prime’s wholly owned subsidiary, SMPHI SG Holdings Pte. Ltd, the notes are guaranteed by SM Prime. HSBC, J.P. Morgan, Standard Chartered Bank and UBS acted as Joint Lead Managers and Joint Bookrunners, alongside BDO Capital and Chinabank Capital as Joint Domestic Managers.

The net proceeds from the EMTN issue will be allocated for general corporate purposes.

SM Prime is one of the largest integrated property developers in Southeast Asia that offers innovative and sustainable lifestyle cities with the development of malls, residences, offices, hotels and convention centers. It is also the largest, in terms of asset, in the Philippines.

SM Prime was incorporated in the Philippines in 1994. They started as a mall developer and operator and grew to be the biggest retail shopping center developer and operator in the Philippines. Currently, it has 88 malls in the Philippines and 8 shopping malls in China, totaling 11.2 million square meters of Gross Floor Area (GFA). In the Philippines, they have a total of 22,192 tenants and 2,005 tenants in China as of June 2025.