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Bond Market News
CPI Property Publishes Results of Its Exchange Offer
June 23, 2025
European developer CPI Property Group has announced results of its exchange offer launched on 12 June. Under the exchange offer, the company had proposed to exchange its existing S$ 5.8% Perp and € 4.875% Perp notes with a new €7.5% Perp launched on Friday. The offer expired on 19 June. Under the offer, the company bought back S$138mn of its SGD Notes and €519.3mn of its EUR notes. The settlement date for the offer is expected to be on 24 June. Following settlement, €30.71mn of the EUR Notes and S$12mn of the SGD notes will remain outstanding. The qualifying holders will receive principal amount of the new notes equivalent to 102.25 times the nominal amount of the notes accepted for exchange, with such SGD amount converted to EUR at a rate of 0.6765 for SGD noteholders.
Its SGD Perp jumped 9 points late last week, to now trade at 91.8 cents on the dollar.
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