Higher yields for investors
A family office or private wealthy advisory firm established in 2017 by billionaire gaming titan Lawrence Ho is launching a MOP-denominated corporate bond issue valued at MOP2 billion (US$250 million). The two-year bonds have a 3.1 percent coupon rate, according to Black Spade Capital Ltd., which manages Ho’s assets.
Dennis Tam, president and CEO of Black Spade and former group finance director of Ho’s Melco International Development Ltd., said the issue constitutes the “world’s first-ever” MOP-denominated bond. Macau’s Tai Fung Bank is the sole global coordinator and chief structuring advisor for the bond issue.
“We saw the niche there for MOP-denominated products” in Macau, said Tam. “If you have MOP, what you do is deposit it in the bank, but we provide another solution to give investors higher yield.”
Tam said he expects “more followers using MOP” following Black Spade’s venture. At a press conference at Melco’s Morpheus hotel at City of Dreams Macau, Black Spade said the issuance of its bonds would promote the integration of Macau in the Greater Bay Area and enhance the liquidity of the currency, reported Inside Asian Gaming.
Proceeds will be used for non-gaming investments in the Greater Bay Area including Macau, Hong Kong and China’s Guangdong Province.
