You are here

GLP sells 1.5b yuan of panda bonds; 3-years to yield 3.12%, 5-years to yield 3.58%

Monday, July 11, 2016 - 21:46
30250068 - 16_12_2013 - GLP DEBUT GAIN.jpg
GLOBAL Logistic Properties (GLP) will issue 1.5 billion yuan (S$303 million) of three- and five-year bonds to repay debt and fund business growth in China, the developer of logistic facilities announced on Monday.

GLOBAL Logistic Properties (GLP) will issue 1.5 billion yuan (S$303 million) of three- and five-year bonds to repay debt and fund business growth in China, the developer of logistic facilities announced on Monday.

The three-year bonds will yield 3.12 per cent, while the five-year notes will yield 3.58 per cent. The yuan-denominated bonds, also described colloquially as "panda" bonds, will be listed on the Shanghai Stock Exchange.

GLP China co-president Teresa Zhuge said the deal was more than three times subscribed with support from institutional investors.

"The issuance increases GLP's financial flexibility and optimises its capital structure," Ms Zhuge said in a statement. "We will continue with our natural hedge policy and implement financial strategies to broaden financing channels while pursuing growth opportunities."

The issuance is the first tranche in a planned 10 billion-yuan panda bond issuance programme by GLP. GLP is also waiting for regulatory approval for up to 10 billion yuan of over-the-counter bonds in China's interbank market.

Powered by GET.comGetCom