P3 Logistic Parks, backed by GIC, is the latest big investor to establish a green financing framework and this week issued an inaugural, €1bn green bond.
P3’s first green bond follows rival logistics developer VGP’s €1bn green two-tranche issuance, as logged in last week’s data page.
A third logistics developer/operator, CTP, yesterday sold its eighth green bond, after establishing its green financing framework eighteen months ago and issuing its first green bond in October 2020. Its latest €700 mln issuance means it has raised a total of €4.2bn in green notes - although it has used some proceeds to buy back a small volume.
In the last week, Gecina also continued to raise debt capital in this market with a €500 mln issue of 11-year green notes, taking the total across all four issues to €3.2 bn.
CTP’s finance director Richard Wilkinson highlighted that the pricing for the listed company’s four-year tranche was fixed at 0.875% this time, compared with 0.625% for CTP’s five-year green bond issued in September 2021. He said this reflected rising bond market rates on the back of higher inflation expectations.
We also track six groups raising new fund capital, all the latest deals for which pricing is disclosed and assets coming to the market.
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