krung-thai-pulls-bond-deal

Krung Thai pulls bond deal

The Thai bank makes the unprecedented decision to revoke its two-day old bond deal.
After two days of deliberations, Krung Thai Bank, along with underwriter Merrill Lynch and financial advisors Phatra Securities, have decided to withdraw its $200 million perpetual con-cumulative tier-1 offering.

The decision to retract the bond deal comes in the wake of Monday night's military coup in Thailand which left investors a little unnerved over the deal's future. In its first day of trading the bonds widened 30bp at the open but had tightened slightly to a bidoffer spread of 300bp to 270bp over Treasuries or 271bp to 244bp over swaps at the end of WednesdayÆs trading. There was no secondary movement on Thursday.

In a press release issued on Thursday, Merrill Lynch stated that...
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