Gaming company Genting Singapore priced a mammoth S$1.8 billion $1.4 billion perpetual on Thursday evening, the biggest Singapore dollar-denominated bond to be sold in a single tranche. The deal attracted a S$6 billion order book and offshore investor participation of 42% said to be the largest for a Singapore dollar bond.
Genting’s deal was also the biggest corporate hybrid in an Asian local currency market. Its heft and high offshore participation indicates that the Singapore bond market which until recently was viewed as a rather dull market dominated by a handful of big investors is deepening and maturing. It also augurs well for a number of companies that are said...
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