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GLP China issues first tranche of RMB bonds for RMB1.5 bil

Michelle Zhu Published on Tue, Jul 12, 2016 / 7:42 AM GMT+8

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SINGAPORE (July 12): GLP China, the China unit of Global Logistic Properties, says it will issue RMB 1.5 billion ($302.5 million) of RMB-denominated bonds, otherwise known as panda bonds, on the Shanghai Stock Exchange (SSE).

The three- and five-year tenor bonds will be priced at 3.12% and 3.58% respectively per annum, and will be used to repay existing debt as well as fund the company’s business growth in China.

According to Teresa Zhuge, co-president of GLP China, the offering was more than three times oversubscribed “on the back of strong support from institutional investors”.