› EA MAKES TIGHTER RETURN
ENERGY ABSOLUTE returned to the bond market
a little over a month after its last offering
to raise Bt4bn, achieving tighter pricing in
tenors of three to 10 years.
A Bt500m three-year tranche will pay
2.41%, a Bt1.5bn five-year tranche will pay
3.11% and a Bt2bn 10-year piece will pay
3.58%.
In early July, the Thai power producer,
rated A by Tris, sold three-year bonds at
2.61% and 10-year notes at 3.61%. Since
then, Thai government bond yields have
tumbled. The three and 10-year TGB yields
on August 15 closed at 1.39% and 1.49%,
respectively, down from 1.72% and 2.03%
on July 5.
Settlement was made on August 15.
Kasikornbank, Phatra Securities and Finansia
Syrus Securities were joint lead managers
for the deal. Proceeds will be used to
refinance loan facilities as well as fund the
development of power projects.
› LH BANK GOES DUAL ROUTE
LAND AND HOUSES BANK last Monday settled a
dual-tranche bond of one year and 1.5 year
to raise a total of Bt3bn.
The one-year tranche of up to Bt2bn pays
1.92% and the 1.5-year of up to Bt1bn pays
1.99%.
The Thai lender, rated A– by Tris, will
likely use the proceeds to partly refinance
a Bt4bn 1.7% bond that will mature on
September 30. The 2019s were sold in
March last year.
The new bonds are unrated. UOB was the
sole lead manager.
› TRUE RINGS FOR BONDS
TRUE has printed Bt9bn of one-year 10-
month notes priced at par to yield 3.69%.
Institutional and high-net-worth
investors bought the notes during a two-
day subscription that ended on August 14.
Settlement was made the following day.
Bangkok Bank, Kasikornbank, Krungthai Bank
and Siam Commercial Bank were joint lead
managers for the issue, rated BBB+.
The Thai telecom company will use the
proceeds to refinance about Bt7.6bn of
bonds due to mature in September, as well
as to meet general corporate needs.
The subscription was held at the same
time that subsidiary True Move H Universal
Communication offered a Bt11.5bn triple-
tranche bond. True Move priced one-year
notes at 3.15%, three-year notes at 3.8% and
5.25-year notes at 5%.› LH REFINANCES BONDSLAND AND HOUSES has raised Bt7bn from the
sale of three-year two-month bonds priced
at par to yield 2.12%.
Pricing came at a spread of 50bp over
Thai government bonds.
The Thai property company sold the notes
to institutional investors, after marketing at
initial guidance of 2.07%–2.14%.
Settlement was on August 15. Proceeds
from the bond, rated A+, will be used to
repay two bond facilities that will mature
in October.
Kasikornbank and UOB Thailand were joint
lead managers for the deal.› PTT GLOBAL RETURNS FOR MOREPTT GLOBAL CHEMICAL will sell a Bt15bn triple-
tranche placement to institutional investors
as early as this week, after completing a
public offering last Thursday.
The Thai petrochemical company, locally
rated AA+ by Fitch, held a three-day public
subscription last week for Bt10bn 2.9%
five-year bonds. The retail offering, which
settled on August 22, is part of PTTGC’s
commitment to allow public investors to
have a share of its bonds as investments.
The institutional triple-tranche bond is
likely to offer tenors of five, seven and 10
years, but this may change depending oninvestor feedback. Bookbuilding is expected
to launch this week, with settlement
targeted for early September.
The public offering was jointly led by
Bangkok Bank, Bank of Ayudhya, Kasikornbank,
Krungthai Bank and Siam Commercial Bank.
The same group, together with Standard
Chartered Bank Thai, will jointly lead the
placement to institutional investors.
The Thai petrochemical company,
locally rated AA+ by Fitch, is expected to
step up its capital expenditure, with plans
including the construction of a propylene
oxide and polyols plant and an olefin
reconfiguration project. Fitch projects
PTTGC’s capex to increase to around
Bt43bn this year from last year’s Bt32.7bn.
The company, owned by state-owned oil
giant PTT, last visited the baht bond market
in August 2017 when it printed Bt10bn of
four-year 3.05% bonds.› SWEET KHON KAEN BONDSKHON KAEN SUGAR last Monday settled Bt3bn
of three-year bonds priced at par to yield
2.43%.
The Thai sugar producer, rated A by Tris,
issued the unrated notes following a one-
day subscription held on August 16.
UOB Thailand was sole lead manager and
underwriter for the private placement.
Proceeds will be used to repay debt and
meet working capital needs.› TLT DRIVES TRIPLE-TRANCHE BONDTOYOTA LEASING THAILAND has raised Bt8bn from
the sale of three tranches of bonds.
A Bt700m one-year 10-month tranche
was set at par to yield 1.77%, a Bt3.6bn two-
year five-month tranche will pay 1.8% and a
Bt3.7bn three-year piece will pay 1.82%.
A two-day subscription ended on August
15 with settlement made on August 16.
Proceeds from the offering will be used to
refinance debt as well as fund expansion
and working capital needs.If there are other people in your team, department or company who, you think, would benefit from the
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