THE POWER generation arm of San Miguel Corp. (SMC) secured the approval of the Securities and Exchange Commission (SEC) to commence the sale of fixed-rate bonds.  The SEC cleared, in an en banc meeting on Tuesday, the application of SMC Global Power Holdings Corp. to raise P15 billion from a bond issuance, Armando A. Pan, Jr., officer-in-charge of the Office of the Commission Secretary, said in an interview. The bonds have tenors of five, seven and 10 years, according to a prospectus filed with the SEC on June 15. Read more here.