GLP smashes dollar levels with S$ perp

01 Dec 2011

Singapore’s Global Logistics Properties closed a S$500m ($389.6m) perpetual hybrid on Wednesday, after the leads pitched the deal to local investors who are already very familiar with the company, which is backed by sovereign wealth fund GIC.

The perp non-call five bond priced to yield 5.5%, or 420bp over the five year swap offer rate. It was mainly sold to Singapore investors, who were allocated 92% of the transaction, after the leads took advantage of GLP’s strong reputation in the city-state.GLP is partly owned by ...

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