Casino operator brings ringgit convertible

Desire to see bonds convert prompts Resorts World to use rare negative yield structure.

MalaysiaÆs only casino operator, Resorts World, has raised M$1.1 billion $300 million from a convertible bond that was well received despite offering a negative yield.

Demand was likely underpinned by the scarcity of equity-linked issuance out of Malaysia, especially ringgit-denominated offerings. However, Berjaya LandÆs $246 million equivalent exchangeable bonds last month, which is the only equity-linked deal out of Malaysia this year, was also denominated in the local currency.

A majority of the Berjaya bonds was sold onshore though, as...

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