IRPC Public Company, the second largest oil refiner and third largest petrochemical producer in Thailand, last night priced a debut $250 million 10-year Reg-S bond at 113bp over mid-swaps, or 167.8bp over 10-year Treasuries, closing with a coupon of 6.375%. The deal was announced with an initial guidance of 115bp-120bp over mid-swaps, revised to 113bp-115bp.
The BBB-Baa3-rated transaction attracted $1.6 billion in demand, under the lead management of Barclays and Citi. The roadshow encompassed Singapore, Hong Kong and London. In Asia, the issuer conducted an ôunprecedentedö 20 one-on-one meetings over two days, eventually taking orders from 18 of those investors.
Bookrunners allocated 63% of the bonds to Asia, 32% to Europe, and 5%...
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