Minor checks into market with new structure

By Morgan Davis
28 Nov 2018

Thai hotel operator Minor International had to get creative with its debut $300m bond, owing to its lack of rating and inaugural status. It looked abroad for inspiration, ultimately opting for a South Korean-inspired structure. Morgan Davis reports.

The market backdrop this year has created difficulties for maiden high yield bond issuers, as unrated Minor — one of the largest hospitality companies in Asia —found out on Tuesday.

The company was facing an implied high yield rating when it decided to come offshore, explained a syndicate ...

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