>

Surbana Jurong prices $250 mil sustainability-linked bond due 2031, Singapore's first

By Felicia Tan

/ The Edge Singapore |

February 4, 2021 11:41 AM SGT

SINGAPORE (EDGEPROP) - Surbana Jurong Group has, on Feb 4, successfully priced a $250 million sustainability-linked bond, making it the first Singapore dollar-denominated sustainability-linked bond.

This is also the first public sustainability-linked bond issuance from a Southeast Asian-based company and the first Asian sustainability-linked bond to feature a premium step-up structure at maturity.

The bond, which carries a coupon of 2.48% per annum, will be drawn down under Surbana’s US$1 billion ($1.33 billion) multicurrency debt issuance programme.

The bond will mature in 2031.

According to Surbana, the bond drew “tremendous interest” from high quality institutional investors and private banks, with the offering over six times oversubscribed, drawing over $1.7 billion in orders.

Proceeds of the bond will be used to fund future growth, refinance existing credit lines and provide working capital.

Read more: Surbana Jurong’s $400 mil campus achieves a number of firsts

It will also boost the group’s efforts to translate the UN Sustainable Development Goals (UN SDGs), set out in the 2030 Agenda, into concrete, measurable actions.

If the sustainability goals are not met, Surbana has committed to pay investors a premium payment of 0.75% of the redemption amount at maturity.

DBS Bank is the joint lead manager and bookrunner. ANZ Bank is the sole sustainability structuring advisor and joint lead manager and bookrunner.

“Now, by tying our sustainability targets to our bond financing terms, we are drawing a clear alignment between our financing strategy and our business strategy, anchored on Environmental, Social and Corporate Governance (ESG),” says Surbana’s group CEO Wong Heang Fine.

“As an industry leader, Surbana Jurong has demonstrated consistent progress in achieving our growth and ESG objectives. While reducing our own carbon footprint, we are working actively to help our clients do more with less,” Wong adds.

This article first appeared on The Edge Singapore.

Tags:

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

UOL and CapitaLand to acquire Thomson View Condo for $810 mil

2

Emerald of Katong draws 10,000 as crowds surge at project sales galleries during Deepavali weekend

3

Is it a Good Deal?: A freehold three-bedroom in D9 sold for $3.27 million, making a $2.03 million profit

4

Chuan Park attracts 5,000 visitors on first day of preview

5

Executive Condo launches in the pipeline to test new highs of $1,700 psf

Our Site

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.