City Developments (“CDL”), a listed property developer in Singapore, issued the first Green bond offering in Singapore’ a Singapore dollar two-year Green bond.

The unrated bond is secured against Republic Plaza, which has scored a green mark platinum from Singapore's state agency Building and Construction Authority. The office complex is located in the heart of financial and commercial district Raffles Place.

This was the first time that a Green bond is being offered in the Singapore dollar bond market, offering a test of local investor appetite for this type of asset.

Proceeds are for the repayment of a loan extended by City Developments to issuer CDL Properties. The loan was used to retrofit and upgrade the office building to maintain the green mark platinum level.

Source: REUTERS