Junk-rated Saipan Island casino bond plan testing Asia's hunger for yields
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Hong Kong
INVESTORS are so hungry for yields in Asia's junk bond market that even some of the riskiest firms are coming to market.
Imperial Pacific International Holdings Ltd plans to sell dollar bonds for the first time to fund its casino resort in Saipan Island, a US territory in the Pacific Ocean, according to a bond document. The Hong Kong-listed company, whose receivables tripled in the first half on unpaid bills of VIP gamblers, had enough cash to cover just 18 per cent of its short-term debt as of June 30, the document shows. The bond is rated B1, four steps below investment grade by Moody's Investors Service.
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