Former Investor Darling GLP Is Now Sliding Into Distress in Asia
- Its dollar notes have lost most among Asia high-grade in 2023
- GLP says liquidity is ample, has worked on governance concerns
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Major Asian logistics operator GLP Pte was for years sought after by investors, both when it first went public over a decade ago and then when the company was for sale.
But sentiment has darkened more recently, with its investment-grade dollar bonds the worst performers in Asia this year and the firm at risk of being downgraded to junk territory. Of six such notes issued by GLP entities, four are indicated between 31 and 60 cents, according to data compiled by Bloomberg. Investors generally consider bonds to be distressed if they are below 70 cents.