SJM gets $10bn book for $1bn bond debut

By Morgan Davis
21 Jan 2021

Macau casino operator SJM Holdings generated a $10bn-plus book for its $1bn debut bond this week, despite tight pricing and the lack of US investors. Its credit profile, the transaction’s timing and a comprehensive marketing strategy worked in its favour.

The Ba1/—/BB+ rated borrower, whose casinos include the Grand Lisboa in Macau, marketed a five year non-call three note and a seven year non-call four bond, each worth $500m, on Wednesday.

The trade stood out for a number of reasons. Unlike its peers, SJM opted to sell its ...

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