GLP: Announced that is has priced its $500m perpetual bonds at 5.5%, the lower end of 5.5-5.7% guidance due to strong demand (order book was > $780m). The allocation to private banks was 78%, followed by fund managers and banks which got 10% each. SG investors accounted for 92% of allocation. The funds will be used for general corp funding purposes, and serves as pre-emptive move to raise money before the financial mkts deteriorate further.
We note that mkts are generally bullish on stock with 9 Buy Calls and 1 Sell with mean TP of $2.32.
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