SINGAPORE – City Developments Limited (CDL) has set a 2.8 per cent coupon for its $200 million four-year senior fixed rate notes.

The unrated and unlisted notes are issued under the developer’s $5 billion medium term note programme, and will mature on June 27, 2023.

Proceeds will be used to finance general working capital, corporate funding of the group and/or to refinance existing borrowings.

DBS is the sole bookrunner for the issue.

Mainboard-listed CDL’s shares were down 0.11 per cent or $0.01 at $9.52 as at 9.15am.