Investors lap up TMB's rare AT1 bond

By Morgan Davis
26 Nov 2019

TMB Bank Public Co has sealed a $400m Basel III-compliant additional tier one bond. The rarity of the Thai deal made price discovery tricky.

As there are no outstanding dollar AT1s from Thailand, and no expectation of a pipeline, TMB’s outing required significant price discovery, said a syndicate head on the deal. During the bank’s roadshow, investor feedback spanned the low 5% area.

“It was about valuation and how to ...

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