PTTEP sells landmark $1bn hybrid bond

The oil and gas company raised Thailand’s first perpetual note in eight years, defying concerns about the country’s political stability.
Yingluck Shinawatra
Yingluck Shinawatra

PTT Exploration Production sold a $1 billion subordinated perpetual bond on Wednesday, overcoming political uncertainty that has plagued Thailand since it fell under martial law on May 20.

The 144AReg S-registered bond the first dollar perpetual offering from a Thai corporate since 2006 was able to achieve aggressive pricing due to fact that the credit is Thailand’s biggest publicly listed oil and natural gas explorer, and the fact that the structure of the transaction was investor-friendly.

“PTTEP operates in a defensive industry where it’s a core part of the economy and there’s always going to be demand for its products,” a source close to the deal...

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