28 Oct 2020

Link Issues $400 million 18-year Notes at 2.18% coupon

  • $400 million medium-term notes priced at 2.18% with an “A” rating by Fitch Ratings
  • One of the longest tenor and lowest market rate Hong Kong dollar debt issuance among local rated property companies over the last decade

Link Asset Management Limited (Link), the manager of Link Real Estate Investment Trust (Link REIT; Hong Kong stock code: 823), announced today (Wednesday) that it has successfully priced the $400 million medium-term notes (the Notes) with 18-year maturity, due 2038, at coupon rate of 2.18% payable quarterly.

George Hongchoy, Link’s Chief Executive Officer, said, “We are delighted the Notes were well received by investors given the current environment. This issuance is significant to Link as the 18-year Notes are the longest tenor debt for Link to date, which demonstrates investors’ confidence and recognition of our resilient business model and our strong capital management capabilities.”

The Notes is rated “A” by Fitch Ratings. Net proceeds from the deal will be used for general corporate purposes. The Hongkong and Shanghai Banking Corporation Limited, the dealer for the Notes issue, stated that “this is one of the longest Hong Kong Dollar medium-term notes and cheapest issuance by a Hong Kong rated property company over the last decade”. 

Link holds A issuer ratings from the key credit rating agencies, including A2/Stable from Moody’s Investors Service, A/Stable from Standard & Poor’s and A/Stable from Fitch Ratings.

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About Link

Link Real Estate Investment Trust (Hong Kong stock code: 823), managed by Link Asset Management Limited, is a leading retail-focused REIT in the world. Listed in 2005 as the first REIT in Hong Kong, Link has been 100% held by public and institutional investors and is a Hang Seng Index constituent stock. From its home in Hong Kong, Link manages a diversified portfolio including retail facilities, car parks and offices spanning Hong Kong, Beijing, Guangzhou, Shanghai, Shenzhen, London and Sydney. Link seeks to extend its portfolio growth trajectory and grasp expansion opportunities in different markets in pursuit of our medium-term target Vision 2025. For details, please visit https://www.linkreit.com/.

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