Deals of the Year 2012: 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.