Swarm of yield hunters send PTTEP soaring

Oil pipeline 230x150
By Isabella Zhong
12 Jun 2014

PTT Exploration and Production (PTTEP) printed the first dollar corporate hybrid from Thailand on Wednesday, a perpetual non call five. Despite a noisy Thai political backdrop, the deal attracted a legion of yield-hungry investors who drove final pricing a staggering 37.5bp tighter than initial guidance.

Although Thailand has been under military rule since May 22 following the ousting of prime minister Yingluck Sinawatra two weeks earlier, Thai credits have been trading up in recent weeks.

“Spreads had widened by 20bp-30bp late last year and have been there ever since, but over the past month ...

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