Property and retail giant SM Prime Holdings (SMPH) is gearing up for a major fund-raising push as it looks to solidify its dominance in the Philippine retail landscape and beyond.
The company plans to issue bonds under its $3 billion Euro Medium Term Note (EMTN) program, targeting global investors through Asia and Europe. The proceeds will finance SM Prime’s aggressive expansion drive, which includes new flagship malls and major redevelopments of existing properties.
International banking heavyweights: HSBC, J.P. Morgan, Standard Chartered, and UBS, will lead the offshore offering, supported by local arrangers BDO Capital and Chinabank Capital. Investor calls are already underway, with a five-year senior note issuance anticipated depending on market appetite.
SM Prime currently operates 88 malls across the country, with plans to reach 100 malls by 2027 and 115 by 2030. The company is also allocating billions for the modernization of icons like SM Megamall and SM North Edsa, ensuring they remain competitive lifestyle destinations.
By tapping international capital markets, SM Prime signals that it is not slowing down. Despite market volatility, the company is betting big on the continued growth of Philippine retail and consumer spending power.
What this means for you: Expect bigger, more modern malls with more dining, leisure, and shopping options. For consumers, this means more lifestyle choices—but also the growing dominance of SM could make it tougher for smaller retailers to compete.