SINGAPORE - Casino operator Genting
Singapore said late on Thursday it was seeking new investment opportunities
after pricing S$1.8 billion ($1.44 billion) worth of perpetual bonds at a
lower-than-expected yield.
Genting will issue the perpetuals at par with
a coupon of 5.125 percent, a quarter of a percentage point below the indicative
yield of 5.375 percent per annum. Private banks accounted for 78 percent of the
order book, which totalled S$6 billion.
"This issue will put us in a very strong
position to tap investment opportunities for new revenue streams," Genting
Chief Operating Officer Tan Hee Teck said in a statement.
Perpetual bonds, as the name implies, have no
maturity date, but the Genting perpetuals will pay an additional one percentage
point in interest if they are not redeemed within 10 years.
DBS Group and HSBC were global coordinators
and joint lead managers for the issue by Genting, which is rated Baa1 by
Moody's and A- by Fitch. Genting owns Resorts World at Sentosa, one of the
city-state's two multi-billion-dollar casino-resorts.
DBS and HSBC said the Genting perpetuals issue
was the largest-ever single-tranche bond issue denominated in Singapore
dollars, demonstrating the increasing depth of Asian local currency bond
markets.
Reuters
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