City Developments Limited has announced the creation of a S$2 billion multicurrency perpetual securities issuance programme. The company confirmed the launch on 9 April 2026 and has appointed United Overseas Bank Limited to serve as the arranger and dealer. This new financial platform allows the firm to issue securities in Singapore dollars or other agreed currencies depending on market conditions.

The programme is designed to target specific investor groups in Singapore. These include institutional investors and accredited investors as defined under the Securities and Futures Act 2001. Because these are perpetual securities, they do not have a fixed maturity date. They may carry either fixed or floating distribution rates and the company has the option to defer these payments if the specific pricing terms allow it.

The company has clarified how the raised funds will be managed. After paying for the costs of the issuance, the net proceeds will be used to fund the general working capital and corporate requirements of the group and its subsidiaries. A portion of the capital may also be used to refinance the existing bank borrowings of the group.

The securities issued under this programme can be either senior or subordinated. Senior perpetual securities will be direct and unsecured obligations that rank equally with other present and future unsecured debts of the company. Subordinated securities will also be unsecured but will rank alongside any parity obligations.

An application has already been made to the Singapore Exchange Securities Trading Limited for the listing and quotation of any securities issued under the programme. While the exchange has received the application, it noted that any approval in principle is not a guarantee of the merits of the company or the securities themselves.

The official announcement was issued by the board of directors and signed by company secretaries Enid Ling Peek Fong and Soo Lai Sun. The group will now be able to issue these securities in various tranches or series as required by their long-term financial strategy. This move provides the property developer with a flexible tool to manage its balance sheet and support its ongoing operations across its various markets. By establishing this programme, the firm ensures it has ready access to capital from sophisticated investors to meet its future funding obligations.