Clifford Chance

Clifford Chance advises on Genting Singapore's second issue of perpetual securities

Leading international law firm Clifford Chance has advised DBS Bank (DBS) as the sole global coordinator and DBS and Oversea-Chinese Banking Corporation as joint lead managers and bookrunners for Genting Singapore PLC's S$500 million perpetual securities to the public in Singapore. This is the first time perpetual securities are issued by an SGX-listed entity to the public in Singapore, and is a follow-on of Genting Singapore PLC's earlier issue of S$1.8 billion perpetual securities to institutional and private banking investors on 12 March 2012.

Singapore partner Raymond Tong said, "The fact that there is demand from retail investors indicates that they are also on the hunt for higher yielding products."

Raymond and counsel Bin Wern Sern led the Singapore team with assistance from associate Ryan Lin.  Partner Joan Janssen acted for the trustee (The Trust Company (Asia) Limited) with support from associate Louis Lim.  Hong Kong partner Matt Fairclough also provided assistance.

Last month, Clifford Chance advised DBS and HSBC as joint global co-ordinators, and Deutsche Bank, JPMorgan and CIMB as joint lead managers and joint bookrunners on Genting Singapore PLC's S$1.8 billion perpetual securities issuance, Asia's largest hybrid securities issue to date and the biggest Singapore dollar-denominated bond to be sold in a single tranche.