Thai Oil’s dollar deal takes PTT peers tighter
Thai Oil repriced its curve and those of other issuers in the PTT Group with a dual-tranche transaction last week. The deal’s secondary strengthening on January 18 was good news for the market, although recent Chinese property bonds continued to underperform.
Bookrunners Barclays, HSBC and Standard Chartered priced a $500m 3.625% January 2023 bond at 185bp over Treasuries, and a $500m 4.875% January 2043 note at 200bp on January 17.
By the following afternoon, the 10 year note had tightened to 177bp and the 30 year bond to 185bp, which
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