Thailand's PTT issues Baht4.04bn worth of bonds

21 June 2005 05:35  [Source: ICIS news]

SINGAPORE (CNI)--Thailand’s PTT Pcl has issued Baht4.04bn ($98.2m/Euro 80.9m) worth of bonds that have a 10-year maturity, the company announced on Tuesday.

 

The bond, which was issued on Monday to institutional investors, carries a 4.75% fixed yield. Standard Chartered Bank was appointed as the underwriter.

 

The bond has entered the cross currency swap transaction for $100m (Euro82.3m) at an interest rate of 4.55%, resulting in a much lower financial cost. PTT President Prasert Bunsumpun said that this transaction mitigated the foreign exchange risk by matching it to a portion of the company’s dollar-linked revenue.

 

He added that PTT’s past bonds had successfully helped it to raise capital due to investors’ confidence in the company’s financial and earning strength.

 

International ratings agency Fitch Ratings gave this bond a rating of AA+, the highest rating given to Thai firms, PTT said.

By: Caroline Sin
+65 6780 4359

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