Genting Singapore, the operator of Resorts World Sentosa, has begun marketing its maiden Samurai bonds.

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

Genting Singapore is rated A3 and A-by rating agencies Moody's and Fitch respectively, and the bonds are expected to earn an A from bond-rating service R&I.

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

In December last year, Japan's Parliament passed a Bill legalising casinos, although further legislation still needs to be passed and is likely to be delayed by this month's elections. 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.

REUTERS