Logistics Firm GLP’s Bonds Slide by Weekly Record Into Distress

Logistics operator GLP Pte. fell by records in credit markets this week after a report the firm disputed that China’s financial regulator informally guided insurers to limit transactions with its Chinese logistics and asset-management arm.

The Singapore-based company’s $1 billion bond due in 2028 fell around 20 cents this week — its biggest weekly decline ever — to 75 cents on the dollar. Two of its perpetual notes fell the most since 2022 to around 45 cents, putting them all at levels generally considered distressed.