46 International Financing Review Asia April 4 2020Tris rated the senior unsecured bonds
AAA, reflecting the bank’s strategic
importance to parent Mitsubishi UFJ
Financial Group.
Settlement was made on March 27. BAY
had a Bt10bn 2.25% bond maturing on
March 29, with another Bt10bn of 1.85%
notes due to mature on November 3.› TISCO BANKS ON DUOTISCO BANK last Monday settled Bt4.54bn of
one and two-year notes to refinance a bond
due to mature soon.
The Bt2.32bn one-year tranche will pay
1.3% and the Bt2.22bn two-year tranche will
pay 1.4%.
The Thai bank, rated A, will use theproceeds to refinance a Bt4bn 1.65% bond
maturing on April 9. It has another Bt10bn
of bonds that will mature during the rest of
the year.EQUITY CAPITAL MARKETS
› PTT OIL AND RETAIL FILES FOR IPOPTT OIL AND RETAIL BUSINESS has filed a draft
prospectus for a Stock Exchange of
Thailand IPO of US$1bn–$1.5bn.
The IPO, which is likely to be launched
towards the end of the year, is lower than
the up to US$2bn that had been expected.
In a stock exchange announcement
parent company PTT said its subsidiary
will offer up to 2.7bn primary shares in
the IPO, of which 300m will be sold to
existing shareholders of PTT. There will be
a greenshoe option of 300m shares.
PTT, Thailand’s largest energy company,
said its holding in PTTOR will be 75% after
the IPO.
The planned IPO will comprise the oil
marketing business and the Amazon coffee
shops located at petrol stations.
PTTOR has 2,800 stores across the
country and 200 branches in Singapore,
China and Oman.
Bank of America, Bualuang, Finansa, JP Morgan,
Kasikorn, Morgan Stanley, Phatra and Tisco
Securities are the banks on the transaction.
PTTOR will be PTT’s seventh core
business to be listed on SET, after PTT
Exploration and Production, PTT Global
Chemical, Thai Oil, IRPC, Global Power
Synergy and Global Green Chemical.
Thailand continues to be one of the more
active equity capital markets in South-East
Asia.
Other major IPOs expected in the second
half include Thai Life Insurance (US$700m),
SCG Packaging (US$1bn) and Kerry Logistics
(US$300m).› THAI LIFE INSURANCE HIRES BANKSTHAI LIFE INSURANCE has hired Bank of America
and Nomura to work on a Stock Exchange
of Thailand IPO of around US$700m later
this year, people with knowledge of the
transaction said.
More banks are likely to join the syndicate.
Owned by the Chaiyawan family, Thai
Life is Thailand’s third largest life insurer
by assets and counts Meiji Yasuda Life
Insurance as one of its biggest shareholders
after selling a 15% stake to the Japanese
group in 2013.
Thailand continues to be one of the more
active equity capital markets in South-East
Asia. Equity issuance jumped to US$2.5bn
in the first quarter of 2020 compared withUS$177m in the same period of 2019,
thanks to the jumbo Bt72bn (US$2.2bn)
IPO of Central Retail, sold in part to
shareholders of subsidiary Robinsons.
Other major IPOs expected in the second
half include PTT Oil and Retail (US$1.5bn),
SCG Packaging (US$1bn) and Kerry Logistics
(US$300m).VIETNAM
SYNDICATED LOANS
› NO VA LAND DRAWS DOWN US$250M LOANDeveloper NO VA LAND INVESTMENT GROUP CORP
has drawn down the remaining portion of a
US$250m debut loan signed last November,
according to its press release on March 26.
The company’s second disbursement
of US$101m in March follows a US$149m
drawdown late last year.
Credit Suisse was the original mandated
lead arranger and bookrunner of the three-
year loan, which was increased from an
original target size of US$150m.
Industrial & Commercial Bank of China,
Taichung Commercial Bank, Taiwan Business
Bank and Taiwan Cooperative Bank came in
as MLABs during senior syndication, while
nine others joined in general syndication.
The deal offered a top-level all-in pricing
of 460.71bp based on an interest margin of
425bp over Libor and an average life of 2.8
years.
Ho Chi Minh-listed No Va Land is
primarily focused on the development of
mid to high-end residential real estate in
the city and recently expanded into the
hospitality sector.Top bookrunners of all Thai baht bonds
1/1/20 – 31/3/20
Amount
Name Issues Bt(m) %
1 Bangkok Bank 13 28,834.6 20.7
2 Kasikornbank 14 20,328.4 14.6
3 UOB 11 16,402.1 11.8
4 CIMB Group 8 10,676.7 7.7
5 Phatra Sec 7 9,192.3 6.6
6 KTB Investment & Sec 6 8,642.0 6.2
7 Siam Commercial 4 8,576.7 6.2
8 Asia Plus Sec 9 7,643.4 5.5
9* Krung Thai 4 7,500.0 5.4
9* MUFG 3 7,500.0 5.4
Total 46 139,334.1
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS7Top bookrunners of Thailand syndicated loans
1/1/20 – 31/3/20
Amount
Name Deals US$(m) %
1 Rabobank 1 170.0 100.0
Total 1 170.0
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S18bThailand global equity and equity-related
1/1/20 – 31/3/20
Amount
Name Issues US$(m) %
1* Phatra Sec 1 539.7 21.4
1* Kasikornbank 1 539.7 21.4
1* Bualuang Sec 1 539.7 21.4
4* Morgan Stanley 1 301.1 11.9
4* UBS 1 301.1 11.9
4* Credit Suisse 1 301.1 11.9
7 Gayang Sec 1 1.8 0.1
8 Hoodless Brennan & Partners 1 0.3 0.0
Total 3 2,524.6Source: Refinitiv dataTop bookrunners of all Vietnamese dong bonds
1/1/20 – 31/3/20
Amount
Name Issues Vnd(m) %
1 Vietcombank 1 300,000.0 100.0
Total 1 300,000.0
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS25Top bookrunners of all Pakistani rupee bonds
1/1/20 – 31/3/20
Amount
Name Issues Pkr(m) %
1 JP Morgan 1 1,549.9 100.0
Total 1 1,549.9
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS26B&RXQWU\LQGG