ptt-pcl-prices-samurai-bond-at-the-tight-end-of-guidance

PTT PCL prices Samurai bond at the tight end of guidance

The Thai gas company achieves significant market diversification by placing 70% of its paper in the Japanese domestic market.
PTT PCL, Thailand's largest oil and gas company, priced a Ñ36 billion Samurai bond issue at par last Friday through bookrunners JPMorgan, HSBC and Daiwa Securities. The original issue size was Ñ23 billion, which subsequently increased to Ñ30 billion and finally closed at Ñ13 billion over its initial size, pricing at 55bp over Libor.

The A2-rated deal was marketed with a range of 55bp to 65bp over Libor, and closed at the tight end with a coupon of 2.71%.

ôIssuing in yen allows the company to pay a low coupon rate, but the overriding factor for issuing this Samurai bond was to achieve greater market diversification,ö says one source. The company placed over...
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