Siam Commercial prices inside its curve on comeback

15 Mar 2012

Siam Commercial Bank this week became the first Thai issuer in the international bond market for 10 months — and the second issuer in one day to price a deal inside its curve. The $600m 5.5 year bond was priced at 252.5bp over Treasuries at the start of the week. It was one of three Asian bonds to close on Monday, and none of them paid a new issue premium.

It was the first international bond from Thailand since Siam Bank’s last deal: a $400m 5.5 year bond that it sold last May. More Thai banks could follow the borrower to the market, in part to fund a big growth in their foreign currency loans, said William Mak, ...

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