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Bond Market News
GLP Bonds Drop on Scrapping of New Issuance Deal
October 29, 2024
GLP’s bonds especially its Perps dropped by 1-3 points after the company decided not to proceed with the 3.5Y bond issuance announced yesterday at an IPTs of 10.375%. It also called off the concurrent tender process for its June 2025 bond launched last week. GLP mentioned that demand for the new bond was strong but still insufficient to achieve its size and pricing targets. However, the company reiterated that its liquidity position remains strong after it recently completed a sale of its GLP Capital Partners Ltd’s international business to Ares Management Corp for $3.7bn and expects to exceed its $10bn monetization target in the coming months.
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