IFR Asia – July 06, 2019

margin for US dollars ranges from 100bp to
105bp over Libor.
Banks were offered a top-level upfront
fee of 12bp.
Funds are for capital expenditure and
general corporate purposes.

The borrower, through its unit ShunSin

Technology (Zhongshan), is engaged in

the semiconductor business in Asia, the

Americas and Europe.

For full allocations, see http://www.ifrasia.com.

THAILAND

DEBT CAPITAL MARKETS

› BAM HIRES FOR MULTI-TRANCHER

BANGKOK COMMERCIAL ASSET MANAGEMENT has

mandated Bank of Ayudhya and Kasikornbank

to jointly lead a bond offering to raise up to

Bt15bn (US$489m).

The state-owned financial institution,

locally rated AA– by Fitch, has started

sounding out investors on seven tranches

with tenors of 1.5 years to 15 years,

although some tranches may be dropped.

Books are expected to open on July 10.

Preliminary price indications range from

55bp–70bp for the 1.5-year tranche to

160bp–175bp for the 15-year piece.

BAM was set up by the Bank of

Thailand’s Financial Institutions

Development Fund (FIDF) in 1998 to

manage distressed assets during the Asian

financial crisis. Although that core role

has been reduced as Thai banks recovered

through the years, it continues its role

as the country’s largest distressed asset

manager.

FIDF has plans to list BAM on the

Stock Exchange of Thailand but no final

timetable has been set.

› ENERGY ABSOLUTE MARKETS BOND

ENERGY ABSOLUTE last Friday offered three and

10-year bonds to raise Bt3bn.

Initial price guidance was 2.57%–2.73%

for the three-year tranche and 3.47%–3.63%

for the 10-year tranche.

The Thai power producer, rated A by

Taiwan global equity and equity-related
1/1/19 – 30/6/19
Amount
Name Issues US$(m) %

1 Yuanta Financial 7 374.2 47.4
2 Grand Fortune Sec 4 71.4 9.1
3 KGI Financial 6 66.3 8.4
4 CTBC Financial 3 53.9 6.8
5 Taishin Financial 6 53.8 6.8
6 HSBC 1 50.0 6.3
7 Masterlink Sec 5 45.8 5.8
8 Sinopac Holdings 2 16.6 2.1
9 Waterland Sec 1 14.8 1.9
10 Fubon Financial 4 13.6 1.7
Total 48 788.9

Source: Refinitiv data

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