The bond has enabled the group to access lower-cost RMB capital and further expand its domestic funding channels and investor base.
Issued under CLI’s RMB2 billion debt issuance programme, the panda bond is linked to CLI’s target of lowering its energy consumption intensity by at least 6% for its Chinese properties.
“The successful debut of our first panda bond demonstrates the confidence that institutional investors have in CLI’s established track record and long-term growth prospects in China. It enables CLI to diversify our capital sources and increase our financial flexibility,” says Puah Tze Shyang, CEO of CLI (China).
“The panda bond also integrates our financing efforts with CLI’s sustainability performance, demonstrating our focus on responsible growth. This latest initiative to tap the sizeable domestic capital market in China helps mitigate foreign exchange fluctuations and is part of our ongoing prudent capital management,” he adds.
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Net proceeds from the issuance will be used to refinance CLI’s existing borrowings.
