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Bond Market News
San Miguel Announces Exchange Offer Conditional on New Perp Issuance
July 14, 2025
San Miguel Corporation (SMC) announced that it will initiate exchange offers for its 7% Perp and 5.7% Perp subject to a planned new perpetual bond issuance which will be used to fund the offer. The new bond to be issued will carry a minimum coupon rate of 8.8% they said, as per an SGX filing. Completion of the exchange offers remains subject to the fulfilment or waiver of the new issue condition and other conditions contained in the exchange offer memorandum. Further details on the offer are pending. The company added that there is no assurance that the exchange offers will be completed and that it has the right to withdraw or terminate them with or without conditions.
SMC’s 7% Perp is callable in October 2025. If not called, the coupon will get reset to the US 5Y Treasury yield plus 919.9bp. As per today’s rates, this would imply a new coupon of ~13.2%. Similarly, its 5.7% Perp is callable in January 2026, and if not called, would see its coupon get reset at the US 5Y Treasury yield plus 655.4bp, or ~10.5% as per today’s rates.
SMC’s 7% Perp was at 99.95, yielding 7.1%.
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