City Developments (SGX:C09) established a SG$2 billion multicurrency perpetual bonds issuance program, according to a Thursday filing with the Singapore Exchange.

Shares of the real estate management company were up under 1% in Friday trading.

United Overseas Bank (SGX:U11) was appointed as the arranger and dealer of the program.

The company intends to use proceeds from the issue of bonds under the program for general working capital needs, corporate funding and to refinance existing borrowings, the filing said.