SHIN places ThailandÆs first equity-linked deal

It''s been six long years since Thailand''s domestic market saw an equity-linked deal. SHIN Corp has ended the drought.

There's a classic BB King blues song called Five Long Years. Maybe living with a bad woman is worse than not having access to equity-linked investment products, but one thing is for sure Thailand's domestic investors have had the blues for six long years.

But opportunities are arising, the most interesting of late being SHIN Corporation's issue of Bt3.6 billion $83 million worth of debentures and warrants, listed yesterday Wednesday on the Thai Bond Dealing Centre and the Stock Exchange of Thailand respectively.

The five-year, zero-coupon bonds are unsubordinated and unsecured, are callable after year three and carry a spread of 140bp over Thai Treasuries. The five-year warrants, sold at Bt3.1 each, can secure...

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