SM Investments raises $250 million from unhedgeable CB

The Philippine investment holding company attracts good demand from outright investors, but doesn't immediately exercise the $50 million upsize option.
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The SM group is the Phiplippines' biggest mall operator
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<div style="text-align: left;"> The SM group is the Phiplippines' biggest mall operator </div>

SM Investments Corp (SMIC) on Thursday last week proved that it is possible sell convertible bonds in Asia that aren’t hedgeable. The Philippine investment holding company was able to raise $250 million by tapping primarily outright and long-only investors and did so at a time when its share price was trading at a record high.

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