THAILAND
DEBT CAPITAL MARKETS
› DEUTSCHE OBTAINS SOLE APPROVAL
DEUTSCHE BANK was the sole winner of
approval from Thailand’s Ministry of
Finance to sell baht bonds and send the
proceeds out of the kingdom.
The German bank was among a handful
of issuers to apply for the approval under
the MoF’s one-month special window
opened in late September to foreign
issuers to sell baht bonds in Thailand,
exchange the currency in the onshore
US dollar/Thai baht spot exchange
market and send the proceeds out of the
country.
Under current regulations, foreign
issuers cannot take proceeds from bonds
out of Thailand. The special window was
introduced in a move to offset a rapidly
appreciating baht.
A government source said the other
issuers were rejected as they did not have
credit ratings, as per conditions under the
special window.
Deutsche Bank, rated Baa2/A–/BBB+, will
have to issue the bonds in a five-month
period ending March 31 2018.
The next regular application window,
which opens three times a year, will be
available this month for foreign issuers to
sell bonds in Thailand.
EQUITY CAPITAL MARKETS
› GULF ENERGY PREMARKETING IPOIndependent power producer GULF ENERGY
DEVELOPMENT started to premarket late
last week its IPO of up to Bt17bn
(US$500m), involving up to 533.3m new
shares.
Books are expected to open in mid-
November. The shares will be listed on the
Stock Exchange of Thailand.
Bank of America Merrill Lynch, Bualuang
Securities, Kasikorn Securities, Siam Commercial
Bank and UBS are leads on the IPO.VIETNAM
EQUITY CAPITAL MARKETS
› SCIC SETS VINAMILK MINIMUM PRICEVietnamese sovereign wealth fund State
Capital Investment Corp is selling a 3.3%
stake in VIETNAM DAIRY PRODUCTS (Vinamilk) for
D7.25trn (US$325m) at a minimum price of
D150,000 per share.
Vinamilk shares closed at D151,000
last Tuesday on the Ho Chi Minh Stock
Exchange.
As announced in August, SCIC plans to
sell 48.3m shares from its 39% holding on
November 10.
Investors can buy a minimum of 20,000shares and a maximum of 48.3m, SCIC says
in a statement.
Last December, SCIC sold a smaller-than-
planned 5.4% stake in Vinamilk to two
Fraser and Neave subsidiaries, F&N Dairy
Investments and F&NBev Manufacturing,
raising their combined stake to 18.74%. The
shares were sold at D144,000 each, or a
premium to the-then prevailing market price.
Initially, the fund hoped to sell a 9%
stake, but had said no single company
could buy an interest of more than a 2.7%.
Saigon Securities and UBS are the banks on
this year’s sale.Top bookrunners of all Vietnamese dong bonds
1/1/17 – 31/10/17
Amount
Name Issues Vnd(m) %
1 Techcombank 2 1,500,000.0 100
Total 2 1,500,000.0
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS25Vietnam global equity and equity-related
1/1/17 – 31/10/17
Amount
Name Issues US$(m) %
1* Deutsche 1 41.6 23.1
1* JP Morgan 1 41.6 23.1
1* VCSC 1 41.6 23.1
1* BNP Paribas 1 41.6 23.1
5 Mega Financial 1 14.1 7.8
Total 2 180.5Source: Thomson ReutersTop bookrunners of all Thai baht bonds
1/1/17 – 31/10/17
Amount
Name Issues Bt(m) %
1 Bangkok Bank 43 106,345.8 16.3
2 Siam Commercial 39 102,443.3 15.7
3 Krung Thai 42 102,384.6 15.7
4 Kasikornbank 37 100,946.5 15.5
5 MUFG 17 50,580.2 7.8
6 CIMB Group 25 46,563.3 7.2
7 Phatra Sec 12 24,520.0 3.8
8 UOB 18 21,182.0 3.3
9 Asia Plus Sec 35 19,384.5 3.0
10 Thanachart Capital 11 14,689.2 2.3
Total 191 650,770.8
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS7
Top bookrunners of Thailand syndicated loans
1/1/17 – 31/10/17
Amount
Name Deals US$(m) %
1 Siam Commercial 1 724.7 66.1
2 Mizuho 1 160.0 14.6
3 Cooperatieve Rabobank 1 139.8 12.8
4* Taiwan Cooperative 1 20.4 1.9
4* Taiwan Business Bank 1 20.4 1.9
4* First Financial 1 20.4 1.9
7* CTBC Financial 1 5.5 0.5
7* Kasikornbank 1 5.5 0.5
Total 5 1,096.6
* Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S18bThailand global equity and equity-related
1/1/17 – 31/10/17
Amount
Name Issues US$(m) %
1 Siam Commercial 6 654.8 24.3
2 Kasikornbank 4 305.6 11.3
3 TISCO 4 292.4 10.9
4 Maybank 4 234.1 8.7
5 CIMB Group 2 177.1 6.6
6 Bualuang Sec 2 162.9 6.0
7 Krung Thai 2 162.6 6.0
8 Phatra Sec 2 154.3 5.7
9 Thanachart Capital 3 100.9 3.7
10 Credit Suisse 1 90.0 3.3
Total 28 2,695.6Source: Thomson ReutersFor information on how you can use favourable IFR Asia articles to reinforce your sales message.
For more information email: [email protected]MAKE THE MOST OF YOUR SUCCESS STORIES