Latham Advises SM Investments on US$500 Million Bond Issuance

Latham & Watkins advised holding company SM Investments Corporation and its subsidiaries (SM Group) on the establishment of a US$3 billion multi-issuer Euro Medium-Term Notes (EMTN) program, enabling it to efficiently access funding with flexibility.

The first tranche of notes issued out of the EMTN program raised US$500 million and was 3.2 times oversubscribed, with final demand reaching US$1.6 billion, marking the SM Group’s largest offshore bond issuance since 2014. The notes are listed on the Singapore Exchange Securities Trading Limited.

SM Investments is the largest publicly listed company in the Philippines by market capitalization and is invested in retail, property development, mall, and real estate operations and financial services, among others.

The Latham team was led by Hong Kong partner Benjamin Carale, with associate Diana Dizon.