GLP hybrid

Private banks lap up GLP’s S$500 million hybrid

The perpetual loses equity treatment from Fitch after April 2017, which investors see as a strong incentive for GLP to call the bonds.

Singapore-listed Global Logistics Properties (GLP) on Wednesday evening priced a S$500 million ($385 million) perpetual at a yield of 5.5% after winning strong support from private banks, which took 78% of the deal. That demand was fuelled by a 0.25% private banking rebate and GLP’s strong name recognition among Singapore investors.

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