GLP Pulls Bond as Demand for Record Coupon Falls Short of Target
- GLP was marketing a three-year dollar bond on Monday
- Firm decides to cancel the deal because pricing goal not met
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GLP Pte pulled a dollar bond sale after its record coupon above 10% failed to attract sufficient demand to meet its price target, underscoring continued investor angst toward the developer of warehouses and other logistics real estate.
Demand was strong, but not at a level to reach the company’s desired pricing goal, the Singapore-incorporated firm said in a statement Tuesday, without disclosing the subscription number and pricing target.