PTT enters dollar market

oil and gas giant prices Thailand''s first true benchmark since the financial crisis.

PTT, Thailand's largest integrated petroleum company, made its bond market debut on Thursday pricing a $400 million 10-year deal via Citigroup, Deutsche Bank and JPMorgan. The Baa1BBB sovereign rated deal was priced at 99.121% on a coupon of 5.75% to yield 5.867%. This equated to 138bp over Treasuries, or 90bp over Libor.

However, the stand-out aspect of the transaction was the unprecedented tightening it experienced once it broke syndicate. Unsurprisingly non-syndicate banks concluded the deal had been misspriced after it contracted 16bp to a bid level of 122bp during Asian trading hours on Friday.

This rapid squeeze followed severe scale backs in allocations after...

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