SM Prime Holdings, Inc. has filed an application with the Securities and Exchange Commission (SEC) to issue up to P12 billion in fixed rate retail bonds, with an oversubscription option of up to P5 billion.

The Sy-led property developer informed the local bourse operator on Monday that the planned offering consists of 5-year Series AB Bonds due in 2030, 7-year Series AC Bonds due in 2032, and 10-year Series AD Bonds due in 2035.

The company said the issuance is the third tranche from its P100-billion shelf registration of fixed-rate bonds approved by the SEC under MSRD Order No. 46 series of 2024, dated 6 June 2024.

Last week, SM Prime said it is also preparing a United States dollar-denominated bond issuance to fund its P150-billion expansion program.

The fundraising, to be issued through SMPHI SG Holdings Pte. Ltd. under its $3-billion Euro Medium Term Note Programme, will have HSBC, J.P. Morgan, Standard Chartered Bank, and UBS as joint lead managers, with BDO Capital and Chinabank Capital as domestic managers.

Proceeds will support mall redevelopment and construction, including 16 redeveloped malls, 14 new projects, and five flagship openings by 2030. SM Prime has also set aside P100 billion in capital spending this year for property developments.

The company continues to benefit from strong financial performance, reporting a record P24.5 billion net income in the first half, up 11 percent year-on-year, on revenues of P68 billion. Malls remained the largest contributor, with income rising 14 percent to P17 billion.