CLI raises $186m in final tranche of panda bond

Including the first tranche, CLI raised $372m through its sustainability-linked issuance.

CapitaLand Investment Limited raised $186 million (RMB1 billion) from the second and final tranche of its inaugural sustainability-linked panda bond.

Including the first tranche, CapitaLand Investment Limited (CLI) has raised $372m (RMB2 billion) from its inaugural sustainability-linked panda bond.

In an announcement, CapitaLand Investment Limited (CLI) stated that its panda bond recorded a subscription rate of 2.64 times and had a fixed coupon rate of 2.8% per annum.

The coupon rate was a record low among panda bonds, with a three-year tenor issued under a private placement. The first tranche of panda bonds had a fixed coupon rate of 3.5% per annum.

CLI will use the net proceeds from the panda bond to refinance existing borrowings.

The issuance of the sustainability-linked panda bond is also tied to CLI’s objective to reduce energy consumption intensity by 7.5% at its properties in China by 2025 from the base year of 2019.

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