THAILAND
DEBT CAPITAL MARKETS
› EXIM THAILAND PLANS US DOLLAR ISSUE
EXPORT-IMPORT BANK OF THAILAND, rated Baa1/
BBB+ (Moody’s/ Fitch), has hired banks for
a proposed offering of US dollar senior
unsecured notes and has started to meet
investors in Hong Kong, Singapore and
London from May 3.
HSBC, Mizuho Securities and Standard
Chartered Bank are joint bookrunners
and joint lead managers for the Reg S
issue.
› KHON KAEN FINDS SWEET SPOT
KHON KAEN SUGAR has privately placed Bt2bn
(US$63.4m) of three and 10-year bonds at
2.15% and 3.6%, respectively.
UOB Thai was the sole lead manager and
underwriter for the unrated notes, which
settled on May 3.
The Thai sugar producer saw more
demand for the three-year note, which was
set at Bt1.35bn while the 10-year tranche
was fixed at Bt650m.
› INDORAMA PLANS LARGEST BOND
INDORAMA VENTURES has mandated Bangkok
Bank, Kasikornbank, Krungthai Bank and Siam
Commercial Bank to jointly underwrite and
manage a multi-tranche bond at the end of
the month.
The Thai petrochemical products
maker, rated A+ by Tris, is expected to
offer tenors of three to 15 years in six
tranches to raise up to Bt15bn. This will
be its largest transaction since October
2014 when it sold Bt15bn of 7% step-up
perpetuals to retail and institutional
investors.
Bookbuilding is slated for May 31 with
issuance in June.
› PRUKSA SEEKS DEBUT BOND
PRUKSA HOLDING has mandated Kasikornbank
as sole lead manager and underwriter for a
debut bond to raise up to Bt5.5bn.
The notes will be guaranteed by core
subsidiary Pruksa Real Estate, a major
property developer in Thailand. Pruksa
Holding’s main revenues are derived
from dividends from the subsidiary, but
this would be augmented in 2020 when a
private hospital project is scheduled to be
completed.
The issuer and notes are rated A by Tris.
Proceeds will be used to pay off bridging
bank loans and to meet working capital
needs.EQUITY CAPITAL MARKETS
› DTIF OFFERS BT53.2BN OF NEW UNITSDIGITAL TELECOMMUNICATIONS INFRASTRUCTURE
FUND has launched a preferential offer
of new units to existing investors and
public offer to retail and institutional
investors.
The price range for the offer of up to
Bt53.2bn (US$1.7bn) is Bt13.60–Bt13.90 per
unit, according to a term-sheet.
This equates to a 2.1%–4.2% discount to
the pre-deal close of Bt14.20 and a 2019
yield of 7.48%–7.65%.
The preferential offer for existing
shareholders, in a 1-for-2.0911 ratio, will
comprise up to 2.78bn units for up to
Bt38.6bn.
In the public offer, investors will be sold
1.05bn units for up to Bt14.6bn.
The preferential offer is open for
subscription between last Wednesday
and May 8 while the public offer is open
between last Wednesday and May 11. Bothoffers will be priced on May 14.
Credit Suisse is the sole international
bookrunner.VIETNAM
SYNDICATED LOANS
› HYOSUNG SCRAPS VIETNAM PF PLANSouth Korean industrial conglomerate
Hyosun is cancelling a US$1bn project
financing in Vietnam.
Coordinator Korea Development Bank on
Monday sent the cancellation notice to
lenders processing credit approvals for the
borrowing.
The Export-Import Bank of Korea and KDB
were the mandated lead arrangers and
bookrunners of the amortising loan that
was launched into general syndication in
early April. The deal offered a top-level
all-in pricing of 252bp based on an interestTop bookrunners of all Thai baht bonds
1/1/18 – 30/4/18
Amount
Name Issues Bt(m) %
1 Kasikornbank 11 42,159.5 21.5
2 Siam Commercial 10 37,494.6 19.1
3 Krung Thai 9 25,767.9 13.1
4 Bangkok Bank 7 20,976.2 10.7
5 MUFG 4 16,309.5 8.3
6 Phatra Sec 5 15,742.9 8.0
7 CIMB Group 4 10,833.3 5.5
8 Standard Chartered 1 7,142.9 3.6
9 UOB 5 6,458.3 3.3
10 Asia Plus Sec 3 4,768.4 2.4
Total 29 196,589.1
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS7Top bookrunners of Thailand syndicated loans
1/1/18 – 30/4/18
Amount
Name Deals US$(m) %
1* Maybank 1 240.0 48.2
1* CIMB Group 1 240.0 48.2
3 CTBC Financial 1 18.0 3.6
Total 2 498.0
* Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S18bThailand global equity and equity-related
1/1/18 – 30/4/18
Amount
Name Issues US$(m) %
1 Morgan Stanley 2 340.7 27.2
2* Phatra Sec 1 169.3 13.5
2* BAML 1 169.3 13.5
4 Bangkok Bank 1 117.0 9.3
5 TISCO 2 115.1 9.2
6* Siam Commercial 1 113.4 9.1
6* Credit Suisse 1 113.4 9.1
8 Kasikornbank 1 80.7 6.4
9 Nomura 1 29.5 2.4
10 KGI Financial 1 4.3 0.3
Total 9 1,252.7Source: Thomson ReutersFor information on how you can use favourable IFR Asia articles to reinforce your sales message.
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