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City Developments closes S$100M offering of green bonds

City Developments Ltd. raised S$100 million from its offering of Singapore's first green bonds.

The company's wholly owned subsidiary, CDL Properties Ltd., issued the senior secured green bonds due 2019 at a fixed rate of 1.98%. They were issued under CDL Properties' S$700 million secured medium-term notes program established in 2001.

Net proceeds will repay the S$100 million loan provided by City Developments to CDL Properties for the retrofitting and upgrade of the Republic Plaza, improving the building's energy efficiency.

Investors in the bonds comprised mostly financial institutions and fund managers, according to a release. DBS Bank Ltd. was the sole book runner for the offering.

As of April 6, US$1 was equivalent to S$1.40.