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 -- an all-too familiar path for Philippine corporate issuers.

However, Travellers' parent companies are both well capitalised. Alliance Global issued its own debut high-yield bond in August in the form of a $500 million seven-year...

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