COUNTRY REPORT VIETNAMTris, will hold a two-day subscription on
July 9-10.
Kasikornbank and Phatra Securities are joint
lead managers and underwriters.
› PTTGC PLOTS RETURN
PTT GLOBAL CHEMICAL plans to sell five-year bonds
to raise up to Bt10bn in a return to the debt
market after a near-two-year absence.
The Thai petrochemical company, locally
rated AA+ by Fitch, has hired Bangkok Bank,
Bank of Ayudhya, Kasikornbank, Krungthai Bank
and Siam Commercial Bank for the deal.
A general offering will be launched
after the notes are priced, likely in July.
Subscription is tentatively scheduled for
August 14-21.
PTTGC 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.VIETNAM
DEBT CAPITAL MARKETS
› TPBANK PLANS OFFSHORE TIER 2TIEN PHONG COMMERCIAL JOINT STOCK BANK, rated
B1 by Moody’s, has mandated MUFG as sole
bookrunner to arrange investor meetings in
Singapore and Hong Kong from July 10.
A Reg S offering of US dollar Tier 2
subordinated debt securities may follow,
subject to market conditions.
The bank is seeking to issue US$200m
Tier 2 notes, according to filings on the Ho
Chi Minh stock exchange.
The proposed notes have an expected
rating of B2 by Moody’s, and will have a
tenor of 10 years with a call option after
five years.
Coupons can be deferred if paying them
will result in a net loss for the bank that
financial year, but interest will accrue on
skipped coupons.Vietnamese banks need to meet Basel II
capital standards by 2020.› VIETNAMESE BANK EYES DOLLARSVIETNAM PROSPERITY JOINT STOCK COMMERCIAL
BANK has mandated BNP Paribas, JP Morgan
and Standard Chartered as joint global
coordinators and bookrunners to arrange
investor meetings in Hong Kong, Singapore
and London from July 3.
A Reg S offering of US dollar senior
unsecured debt securities may follow,
subject to market conditions.
The bonds have an expected rating of
B1 by Moody’s, in line with the issuer, and
will be drawn from a US$1bn euro MTN
programme.
Vietnam Prosperity Bank implemented
the Basel II regime in May this year,
becoming one of the first banks in Vietnam
to do so.
The last Vietnamese bank to sell US
dollar bonds was Vietnam Joint Stock
Commercial Bank for Industry and Trade
(VietinBank) in 2012, and the sovereign last
issued in dollars in 2014.SYNDICATED LOANS
› NO VA LAND ENTERS SYNDICATIONNO VA LAND INVESTMENT GROUP, one of the
leading property developers in Vietnam,
has launched a US$150m three-year loan
into general syndication after attracting
five lenders in the senior phase.
Credit Suisse is the original mandated lead
arranger and bookrunner, while Industrial
and Commercial Bank of China, Taichung
Commercial Bank, Taiwan Business Bank and
Taiwan Cooperative Bank came in as joint
MLABs. Vietcombank is the onshore facility
agent, security agent and lender.
The deal, which has a US$100m
greenshoe, pays an interest margin of
425bp over Libor and has an average life of
2.8 years.
MLAs with commitments of US$20m
and above earn a top-level all-in pricing
of 460.71bp via a participation fee of
100bp, while lead arrangers coming in for
US$15m–$19m receive an all-in pricing of
457.17bp via a 90bp fee. Arrangers joining
with US$10m–$14m receive an all-in
pricing of 450bp via a 70bp fee.
Bank meetings will take place in Ho Chi
Minh City on July 10 and Taipei on July 11.
The deadline for commitments is August
22.
In April 2017, the borrower raised a
US$30m 30-month loan. Maybank was the
MLAB on that deal, which attracted two
other lenders, according to LPC data.Top bookrunners of all Thai baht bonds
1/1/19 – 30/6/19
Amount
Name Issues Bt(m) %
1 Bangkok Bank 29 88,804.6 20.0
2 Kasikornbank 32 80,190.8 18.0
3 Krung Thai 25 66,144.5 14.9
4 Siam Commercial 18 50,678.5 11.4
5 CIMB Group 15 42,953.1 9.7
6 Thanachart Capital 5 40,590.7 9.1
7 MUFG 6 25,650.6 5.8
8 UOB 5 14,750.0 3.3
9 Phatra Sec 8 9,491.3 2.1
10 Government Savings Bank 3 7,873.8 1.8
Total 65 445,229.8
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS7
Top bookrunners of Thailand syndicated loans
1/1/19 – 30/6/19
Amount
Name Deals US$(m) %
1 SMFG 1 395.9 100.0
Total 1 395.9
- Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S18b
Thailand global equity and equity-related
1/1/19 – 30/6/19
Amount
Name Issues US$(m) %
1 Credit Suisse 2 454.5 66.2
2 Krung Thai 1 140.9 20.5
3 Bualuang Sec 1 23.5 3.4
4 Asia Plus Sec 1 23.1 3.4
5 Phillip Sec 2 7.6 1.1
6* Finansia Syrus Sec 2 6.5 0.9
6* KTB Investment & Sec 2 6.5 0.9
8* Siam Commercial 1 6.2 0.9
8* Kasikornbank 1 6.2 0.9
8* KGI Financial 1 6.2 0.9
Total 9 686.6Source: Refinitiv dataTop bookrunners of all Vietnamese dong bonds
1/1/19 – 30/6/19
Amount
Name Issues Vnd(m) %
1 Vietcombank 1 200,000.0 100.0
Total 1 200,000.0
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS25
Vietnam global equity and equity-related
1/1/19 – 30/6/19
Amount
Name Issues US$(m) %
1 Jefferies LLC 1 201.3 61.8
2 Credit Suisse 2 124.2 38.2
Total 3 325.5Source: Refinitiv data