G-steel rolls out rare high-yield Thai dollar bond

UBS takes little known Thai steel producer to overseas investors.

Following roadshows in Asia and Europe this week, lead manager UBS is expected to price a rare high-yield bond offering from Thailand early next week. The issuer, G-Steel, is hoping to raise $150 million from a five-year debut bond that has a B1B rating.

The deal is being mainly targetted at Asian account, given investors lack of familiarity with the credit, compounded by the company's unlisted status. However, the notes will not be sold to domestic investors as Thai nationals are not permitted to hold non-investment grade paper. Although it is not yet a listed company, G-Steel has announced that it will seek an IPO for which UBS is also...

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