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Deals of the Year 2012: Genting Singapore

Genting Singapore
Size S$1.8 billion perpetual subordinated capital securities
Joint global coordinators HSBC, CIMB Bank, DBS, Deutsche Bank and JPMorgan
return to the Asia Deals of the Year index

In March, casino operator Genting Singapore’s S$1.8 billion ($1.46 billion) perpetual subordinated capital securities marked the company’s inaugural bond issuance and its first foray into the Singapore dollar bond markets. The deal was the largest corporate hybrid in a local-currency market in Asia, the largest Singapore dollar-denominated corporate hybrid issue to date and the largest single-tranche Singapore dollar-denominated bond to date. According to HSBC, the deal attracted an overwhelming response from international and domestic investors, with participation from offshore accounts to the tune of 42% of the total deal size. The allocation was also well spread out regionally, with 58% of the offering distributed in Singapore, 24% in Malaysia, 12% in Hong Kong and 6% to Europe and elsewhere.

Sources close to the deal say the final order-book reached almost S$6 billion, more than three times oversubscribed.

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