Allen & Gledhill has acted for Malaysian casino operator Genting Bhd. on a $1.4 billion issue of hybrid securities in Singapore.

Genting owns and operates casinos in several Asian countries, as well as in New York and across the U.K. The company’s flagship business is Resorts World Genting, a gambling resort in the Malaysian mountains.

The 5.125-percent bonds are perpetual–which means they have no maturity date–but the terms of the deal allow for an increase in the interest rate after 10 years. The fundraising was described in a statement by underwriters’ counsel Clifford Chance as the largest-ever hybrid offering in Asia and the biggest single tranche of Singapore dollar-denominated bonds. Genting will mainly use the proceeds for general corporate purposes, but will also use the funding to expand its business.

“We continue to see real interest in the hybrid securities market across Asia, and particularly in Singapore,” said Hong Kong partner Matthew Fairclough, who led Clifford Chance’s team on the deal, in the firm’s statement. “Very high quality names are coming to the markets, with investors showing great interest in the product.”

Singapore-based Allen & Gledhill declined to name its partners advising Genting on the deal. Allen & Gledhill’s previous work for the client includes a 2009 rights issue in which Genting raised about $1.3 billion. It also advised the company on the transfer of its U.K. casino operations to a London-based subsidiary in 2010. Genting turned to Isle of Man-based law firm Cains for offshore counsel on the perpetual bond issue.

Clifford Chance fielded a team of lawyers based in Hong Kong and Singapore to advise the underwriters–DBS Bank, HSBC Holdings PLC, Deutsche Bank A.G., JPMorgan Chase & Co., and CIMB Bank Bhd. The firm has previously advised Genting on deals including its buyout of British casino operator Stanley Leisure PLC, for which it paid around $1 billion in 2006.

Besides Fairclough, Clifford Chance’s team included Singapore partner Raymond Tong. Kuala Lumpur law firm Adnan Sundra & Low provided Malaysian counsel to the underwriters.