Casino operator Genting Singapore’s five-year Samurai bonds yield Y20 billion ($175 million) after its recent issuance in the market, Nikkei reported.

Proceeds of the yen-denominated bonds, which is at a coupon of 0.669 percent, will be used to ramp up its war chest when the bidding for a Japanese casino license begins, Genting said in a disclosure to the Singapore Stock Exchange.

International credit debt watchers Moody’s Investors Service and Fitch Ratings Inc. rated Genting Singapore’s Samurai Bonds at A3/A-  and the bonds are expected to earn a A from R&I.

Aside from dangling coupons with a five-year tenor, Genting Singapore earlier said that it also issued bonds on a three-year fixed tranche at yen offer-side swaps plus 45 basis points to 55 basis points; and plus 75 basis points to 85 basis points on the seventh year.