Travellers hotel group prints $300 million high-yield bond

The debut bond by Philippine gaming company Travellers International Hotel Group follows the sale of seven-year debt by its parent, Alliance Global, a couple of months ago.

Travellers International Hotel Group, jointly owned by Alliance Global and Genting Hong Kong, issued a debut $300 million high-yield bond late Wednesday.

The Reg-S senior unsecured bond pays a 6.9% coupon and was reoffered at 98.777 for a yield of 7.125%. This represents the lowest-ever yield achieved by an Asian gaming company. The deal also bears the lowest-ever coupon among unsecured US dollar bond offerings by gaming companies globally, even though the bonds came to market unrated...

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