PTT establishes 30-year curve

Energy group completes Thailand''s longest offshore bond.

PTT has completed Thailand's first 30-year bond deal with an increased $350 million offering via sole lead of JPMorgan. The A2BBB rated transaction was priced yesterday July 27 at the wider end of revised price guidance and marks a welcome diversification from the heavy wash of 10-year paper by PTT group entities over the past couple of months.

The Reg S 144a deal was priced at 97.281% on a coupon of 5.875% to yield at 6.073%. This equates to a spread of 160bp over comparable US Treasuries. Having kicked off roadshows with a deal size of $250 million and an initial guidance of around 155bp to165bp over US Treasuries,...

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