CTP places a €500M green bond maturing in 3 years with a 3.625% coupon
The owner and developer of logistics and industrial real estate has finalized a three-year green bond issuance, the proceeds of which will be allocated to the financing and refinancing of eligible assets under its Green Bond framework.
A three-year green issuance oversubscribed 2.8 times
CTP N.V. announced on August 21, 2026 the placement of a €500 million green bond maturing in three years, carrying a fixed coupon of 3.625% (Mid Swap +65 basis points). This unsecured senior obligation generated an order book of €2 billion, allowing a price tightening of 35 basis points compared to initial price indications.
Following the price tightening, the final order book stood at more than €1.4 billion, representing an oversubscription of 2.8 times. The securities were priced on August 19, 2026 and will be settled and admitted to trading on Euronext Dublin on August 26, 2026.
The proceeds from the issuance will be allocated to the financing or refinancing of a portfolio of eligible assets in accordance with the company's Green Bond Framework.
An operation consistent with debt profile management
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According to the company, this three-year maturity complements the existing maturity profile, following the repricing and extension of its €500 million unsecured syndicated term loan completed in June 2026. This facility was extended from 2029 to 2032, while its margin was reduced from 190 to 135 basis points.
CTP notes that this proactive management of its liabilities has created additional capacity in its maturity schedule, with only 9% of its debt maturing in 2029. The company states that it maintains Investment Grade ratings from S&P (BBB, stable), Moody's (Baa2, stable) and JCR (A, stable).
« The Group reiterates its Company-specific adjusted EPRA EPS guidance for 2026 of €1.01-€1.03. » ; « CTP expects double-digit Company-specific adjusted EPRA EPS growth in the years thereafter »
Risks mentioned
Expected broadly stable estimated rental values (ERVs) for remainder of 2026, with rental growth resuming only in 2027
Leverage ratio at 46.6% above medium-term target range of 40-45%, requiring earnings growth and disciplined capital allocation to return to target
Lower end of 2026 delivery guidance range (1.4-1.7 million sqm) reflecting timing of project completions
Opportunities identified
Record leasing activity of 1.943 million sqm (+23% YoY) driving strong rental growth
Expected to reach €1 billion of annualised rental income in 2027 through development completions and like-for-like rental growth
33.4 million sqm landbank providing significant embedded development potential with over €7 billion of illustrative development valuation uplift
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
