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Follow on Google News | ART is first hospitality trust globally to issue sustainability-linked bond of S$200 milFirst sustainability-linked bond by a Singapore-listed real estate trust receives strong demand with 2.2 times oversubscription
By: CapitaLand Group Pte.Ltd. ART's sustainability- ART has achieved a 'greenium' through the issuance of the sustainability- The deal was met with strong demand from institutional investors and was about 2.2 times oversubscribed. The bond issue was eventually upsized from S$150 million to S$200 million, and the final orderbook closed at S$335 million with orders from across 47 accounts. In terms of investor distribution, 79% of the bond was allocated to institutional accounts and 21% to private banking accounts. ART has concurrently entered into a cross-currency interest rate swap transaction to swap the Singapore dollar-denominated coupon payments of the bond into Japanese Yen at a fixed interest rate of 1.043% per annum. Ms Beh Siew Kim, Chief Executive Officer of Ascott Residence Trust Management Limited and Ascott Business Trust Management Pte. Ltd. (the Managers of ART) said: "Sustainability is core to everything we do at ART. Aligning our financing needs with our sustainability efforts to build a greener portfolio demonstrates ART's focus on responsible growth. Our global sustainability strategy centres on improving energy efficiency through technology or engineering solutions, as well as increasing the use of renewable energy. Our efforts are also guided by a Sustainability Committee comprising members from ART's senior management team as well as operations and technical department experts. As of 31 December 2021, 33% of ART's portfolio is green-certified and we target to green the rest of our portfolio by 2030. We continue to work with our operators and lessees to green our properties globally, and contribute to the environmental and social well-being of the communities we operate in." For full release: https://bit.ly/ End
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