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Bond Market News
GLP’s Dollar Bonds Drop by Over 15% Last Week on Rumors of Regulatory Curbs
March 23, 2026
Dollar bonds of GLP were among the biggest losers last week, dropping by 15-20%. The sell-off occurred following a report that China’s financial regulator had informally guided insurers to limit transactions with the company’s Chinese logistics and asset-management arm. GLP quickly clarified that it did not receive any such notification and had also spoken directly with its key insurance investors. Besides, as per sources, the company’s CFO also clarified that Chinese insurers were still actively engaged in both existing and future commitments. However, markets still reacted negatively with GLP aiming for an IPO in Hong Kong in 1H2026. Analysts note that it might be difficult for the company to build its books for an offering amid the current sentiment, thereby potentially depriving it from a liquidity option. GLP is a Singapore-based company with operations across China, Hong Kong and Singapore. Last year, the company secured a $1.5bn investment from the ADIA, whilst selling GLP Capital Partners’ non-China operations for $5.2bn to Ares Management.
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