Thai Military Bank prices hybrid wide of initial guidance

Thai Military Bank prices Thailand's first ever hybrid tier 1 deal in an effort to lower its cost of capital.

Thai Military Bank completed an upsized $200 million hybrid tier 1 deal, Thailand's first, on Wednesday April 26 via Barclays Capital and DBS Bank. Having initially marketed the deal based on an issue size of around $175 million, the Ba2BB- rated transaction was increased to $200 million, the maximum limit established by the Bank of ThailandÆs guidelines governing hybrid tier 1 securities.

Based on a perpetual non-call 10 structure, the deal was priced at par on a coupon...

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