--- title: "Prologis bonds plummet this week, perpetual notes fall to distressed bond price levels | Lianhe Zaobao" type: "News" locale: "en" url: "https://longbridge.com/en/news/279966101.md" description: "GLP's $1 billion bond maturing in 2028 plummeted 20% this week, marking the largest weekly decline, falling to 75 cents. Its two batches of perpetual notes also recorded the largest drop since 2022, falling to about 45 cents, now comparable to distressed bonds. Rumors suggest that Chinese financial regulators are guiding insurance companies to limit transactions with GLP, but GLP stated that it has not received any related notifications. This sell-off reflects market unease regarding GLP's upcoming IPO, indicating increased difficulty in IPO subscriptions against the backdrop of a fragile recovery in the Chinese market" datetime: "2026-03-20T15:17:18.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279966101.md) - [en](https://longbridge.com/en/news/279966101.md) - [zh-HK](https://longbridge.com/zh-HK/news/279966101.md) --- # Prologis bonds plummet this week, perpetual notes fall to distressed bond price levels | Lianhe Zaobao Due to the impact of rumors, logistics company GLP's $1 billion bonds maturing in 2028 plummeted 20% this week, marking the largest weekly decline on record, falling to 75 cents. Its two batches of perpetual notes recorded their largest drop since 2022, falling to about 45 cents, a level comparable to distressed bonds. Bloomberg reported on Friday (March 20) that the credit information provider Octus released a report on Tuesday (17th) stating that Chinese financial regulators had informally guided insurance companies to limit transactions with GLP's logistics and asset management business in China, but did not specify the reasons for the regulators' actions. GLP, headquartered in Singapore, stated on Wednesday (18th) that it had not received any such notifications from regulators. The company has directly communicated with major insurance investors, all of whom claimed they had not received such instructions. Nevertheless, the sell-off reflects traders' unease at a critical moment for GLP, as the company is reportedly planning to conduct an initial public offering (IPO) in Hong Kong as early as the first half of this year. This also highlights the fragility of market recovery for companies with operations in China. Andrew Chan, a credit analyst at Bloomberg Intelligence, said, "In such a weak market sentiment, it is difficult to establish IPO subscription quotas. Without an IPO, GLP will lose an important liquidity option." Sources cited the company's Chief Financial Officer as saying that GLP plans to release its full-year results for 2025 in early May, and it is currently in a quiet period, thus unable to disclose financial details. #### Further Reading High Court dismisses application by Standard Chartered and BSI to participate in foreign company liquidation lawsuit Report: Asian defense stocks still in early stages of upward cycle, outperforming the market over the past five years Andrew Chen said, "Since the performance for 2025 has not yet been announced, no one can clearly understand their liquidity situation. This uncertainty has created significant pressure." Prologis stated in response to an email from Bloomberg that the company has communicated with investors to address market rumors, including an investor conference call held on Wednesday evening. The company's business is operating as usual, and there have been no changes to its operational methods or strategic focus. The National Financial Regulatory Administration of China did not respond to a request for comment. Prologis currently views data centers as a primary growth engine and is investing in logistics, digital infrastructure, and renewable energy. It expects revenue in the first half of 2025 to reach $1 billion, while total loans and borrowings are projected to decrease by $1.4 billion during the same period. CreditSights' Singapore Asia Strategy Director, Zeng Zelin, said, "We do not expect Prologis to face a liquidity crisis in the short term, but due to subdued market risk sentiment and traders reducing their positions in Prologis, its trading technicals are unfavorable." She added that investors may also be concerned about China's unpredictable regulatory environment. Prologis was listed in Singapore in 2010, raising SGD 3.9 billion (USD 3 billion), and subsequently agreed in 2017 to be acquired by a Chinese consortium for SGD 16 billion. 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