Yen-denominated bonds have three tranches

Genting Singapore marks presence in Japan, issues Samurai bonds

Japan's Diet passed a bill legalizing casinos, although further legislation still needs to be passed.

Japan 
| 11/10/2017

In a move to reaffirm its presence in Japan where casino legislation was passed last year, Genting Singapore, the operator of the Resorts World casino resort, has begun marketing its maiden Samurai bonds, Reuters reported.

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The yen-denominated bonds have three tranches. Pricing on a three-year fixed tranche is indicated at yen offer-side swaps plus 45bp-55bp, that on a five-year at plus 55bp-65bp and that on a seven-year at plus 75bp-85bp.

Genting Singapore is rated A3/A- (Moody's/Fitch) and the bonds are expected to earn a A from R&I.

SMBC Nikko is sole bookrunner. Pricing is expected as early as Oct 18.

In December, Japan's parliament passed a bill legalizing casinos, although further legislation still needs to be passed, and is likely to be delayed by this month's election. Genting Singapore is expected to be among those bidding for a licence.

Last month, Genting established a branch office in Tokyo. It said the Tokyo branch would use the bond proceeds for working capital and general corporate purposes.

Yogonet.com/reuters.com

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