Asia's gaming giant, Genting Singapore, will be offering its first callable bond to retail investors with a view to collecting up to S$500m ($397m) from the single issue. DBS Bank and OCBC Bank are acting as the joint lead managers.
The offer follows some S$1.8bn ($1.43bn) raised by the integrated resort operator last month. However, a minimum subscription threshold of $250,000 ($198,886) led to accusations that smaller investors were being excluded.
In response, the latest offering's subscription threshold will be set at S$5,000 ($3,977.72) and investors will be allowed to subscribe in batches of S$1,000 ($795.545).
Genting's product is tied to the movement of Singapore's interest rate and offers a semi-annual coupon of 5.125% pa in the first decade and subsequently 6.125% pa.
The issuer has the right to redeem the product early starting in the fifth year, in which case the product will return 100% of initial capital together with a coupon. The product was approved for listing and quotation on the main board of the Singapore stock exchange.
Genting Singapore has an overall corporate credit rating of BAA1, according to Moody's Investors Service, although the product is expected to receive a BBB rating by Fitch Ratings.
The product is on offer until 16 April.
This product is available in the Singapore database.