The SGD 100 million six-month commercial paper issue saw strong reception comprising a diversified investor base, with some orders carried out on FIX Marketplace. The commercial paper offers investors interest of 1.40% per annum and will be used by GLP for general corporate and working capital purposes.
The inaugural issuance forms part of GLP’s newly-established USD 1 billion Commercial Paper Programme, which DBS has been appointed the sole arranger and dealer for. The programme is also fully digitalised to provide greater convenience to GLP which is now able to directly engage with investors on FIX Marketplace, who in turn are able to subscribe for issuances through the digital platform.
Clifford Lee, Global Head of Fixed Income, DBS Bank, said: “We are excited to onboard a high-quality issuer such as GLP onto FIX Marketplace, and congratulate them on their first successful commercial paper issuance. This paves the way for more like-minded issuers to adopt digital means to issue commercial papers, increasing the supply of high-quality papers and providing investors with a broader array of financial instruments to invest in. The democratisation of capital markets enabled by technology will become increasingly relevant in today’s digital era, and we envision digital ways of debt issuance to drive the continued growth and development of Asia’s commercial paper market.”
Edwin Tey, Global Treasurer of GLP, said: "We are pleased to join hands with DBS as one of the pioneer issuers on FIX Marketplace. This unique platform represents a big step towards digitalisation, democratisation and direct access to bond investments and we plan to continue exploring the issuance of USD commercial papers on the platform as part of further diversifying our funding sources to support our long-term growth objectives.”
About FIX Marketplace
FIX Marketplace is an important building block for DBS in its journey to digitalise Asia’s capital markets. The platform is designed to empower issuers with the ability to tap capital markets for their funding needs quicker and more cost efficiently, creating more inclusive and accessible markets for issuers. In testament to FIX Marketplace’s ease of use, since its launch in June 2021, close to SGD 7 billion of issuances denominated in USD, SGD and HKD have been executed on the platform to date.
