SM Bags Best in Corporate Governance Award

19 January 2009. Pasay City, Philippines.

SM Investments Corporation (SM) announced today that it garnered awards from two international publications.

SM was voted as one of the Philippines’ Best in Corporate Governance for 2008, based on a survey by The Asset Magazine. The other awardees were Manila Water, Ayala Corp, Globe Telecoms, and Bank of the Philippine Islands.

SM was also awarded the 2008 Best Philippine Capital Markets Deal Award by the International Financing Review (IFR) Asia for its US$350 million bonds that were issued in July 2008.

The bonds, which mature in five years with a three-year put option, were priced at a fixed rate of 6.75 percent, one of the lowest yields in the market.

It was also the first major international corporate bond offering from the Philippines in over two years, and the country’s largest private bond issue. The issue was successfully launched in spite of a turbulent market environment. UBS served as the sole book runner of the issue.

SM is one of the largest holding companies in the Philippines. It is a dominant player in retail, mall operations, and banking. It is also an emerging player in property development, which includes residential, commercial, tourism,
and hotel projects.