GLP Pulls Bond as Demand for Record Coupon Falls Short of Target

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.

GLP was marketing its first dollar notes since 2021 on Monday with an initial pricing guidance at 10.375% area.

Cutto junk by global rating firms last year, the issuer was ...