25 May 2021

Link Issues Maiden CNH Notes

  • Three-year CNH 650 million notes priced at 2.8% with an “A” rating by Fitch Ratings
  • A new benchmark for CNH notes with lowest coupon rate achieved in the Hong Kong real estate sector

Link Asset Management Limited (Link), the manager of Link Real Estate Investment Trust (Link REIT, Hong Kong stock code: 823) announced today (Tuesday) that it has successfully issued CNH 650 million worth of three-year offshore Renminbi (CNH) notes. The annual coupon rate is 2.8%, which is the lowest coupon CNH debt issuance achieved amongst Hong Kong real estate companies.

The three-year issue, which will be due on 24 May, 2024, is Link’s debut issuance of CNH notes. Proceeds of the debt will be used for general corporate purposes. The notes are rated “A” by Fitch Ratings.

George Hongchoy, Link’s Chief Executive Officer, said, “This issuance is our first tap into the CNH debt market and we are delighted it was well received by investors. Together with our existing debt portfolio with HKD, AUD and GBP financing, we have achieved further diversity and flexibility in capital management.”

“Institutional investors continue to show interest in high quality credits with strong name-brand recognition in the CNH market,” said Conan Tam, head of Asia Pacific Debt Capital Markets at Bank of America, which was the sole bookrunner.  

Link holds A issuer ratings from major international credit rating agencies; 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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