SM bags two awards from top international publications

Philippine conglomerate SM Investments Corp. (SM) announced yesterday that it garnered awards from two prestigious international publications.

First, SM was voted as one of the Philippines’ Best in Corporate Governance for 2008, based on a survey by Hong Kong-based, The Asset magazine. SM was voted for the same award in 2007. The award gives credence to the progressive approach that the holding company is taking in the area of corporate governance. The other awardees were Manila Water, Ayala Corp, Globe Telecom, 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 $350 million bonds that were issued in July 2008. IFR is another Hong Kong-based publication. The SM 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. In addition, the issue was successfully launched despite 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.