CapitaLand Investment raises RMB1 bil from first sustainability-linked panda bond
CapitaLand Investment (CLI) has already increased RMB1 billion ($187.1 million) from its inaugural sustainability-linked panda bond from institutional clients. The membership price was 1.65 times.
Net proceeds from the issuance will most likely be utilized to re-finance CLI’s existing loans.
Released under CLI’s RMB2 billion financial obligation issuance program, the panda bond is associated to CLI’s aim at of reducing its electricity usage magnitude by a minimum of 6% for its Chinese residences.
The panda bond, which is the first to be provided by a Singapore firm, has a three-year course and a fixed promotion rate of 3.5% per annum.
The bond has actually made it possible for the group to connect to lower-cost RMB capital and further increase its domestic financing networks and buyer base.
“The effective launch of our very first panda bond demonstrates the trust that institutional clients possess in CLI’s established track record and long-lasting development leads in China. It makes it possible for CLI to diversify our funding sources and raise our financial flexibility,” claims Puah Tze Shyang, CEO of CLI (China).
“The panda bond additionally integrates our funding efforts with CLI’s sustainability efficiency, displaying our emphasize responsible growth. This latest campaign to tap the sizeable residential financing industry in China allows mitigate foreign exchange changes and becomes part of our recurring prudent capital management,” he adds.
