SM Investments raises $150 million from top-up placement

Philippine conglomerate SM Investments Corp SMIC last night took advantage of a strong recovery in its share price to raise $150 million from a top-up placement.

In a reflection of a recent pick-up in investor risk appetite, the deal attracted solid demand and was upsized by 50% from an initial $100 million.

Bankers say they are trying to meet this renewed demand by bringing more placements and block trades to the market, but have difficulty finding the supply. Some investors or issuers don’t want to sell as their share prices are still not at the “right” level after the correction in May and June, while others can’t...