CLI debuts sustainability-linked panda bond, raises $187.1M

The panda bond was 1.65 times subscribed.

CapitaLand Investment (CLI) raised  $187.1m from its inaugural sustainability-linked panda bond issued as part of its RMB2b Debt Issuance Programme.

In an announcement, CLI said its panda bond, due in three years at 3.5% per annum, recorded a subscription rate of 1.65 times.

CLI plans to use the net proceeds from the issuance to refinance existing borrowing.

The sustainability-linked panda bond is tied to the company’s target of lowering its energy consumption intensity by at least 6% at its properties in China.

“ The reduction in energy consumption intensity will contribute to CLI’s efforts in meeting the targets set out in its 2030 Sustainability Master Plan, which include achieving Net Zero carbon emissions for scope 1 and scope 2 by 2050 and reducing scope 1 and 2 carbon emissions by 46% by 2030,” the company said.