Siam Pulp and Paper launches Bt10 billion bonds

The region''s largest producer of industrial paper issues its first ever bond deal.

Siam Pulp and Paper SPP of Thailand, the largest producer of industrial paper in the Asia-Pacific region, has issued Bt10 billion $224.2 million of bonds in a deal guaranteed by its parent company, Siam Cement SCC.

Bangkok Bank, Deutsche Bank, Siam Commercial Bank, Thai Farmers Bank and Thai Military Bank acted as joint lead-managers on the transaction.

SPP's offering, rated single-A by Fitch Ratings, was split into two Bt5 billion tranches, one for three years and the other for five years. The shorter-dated piece carries a fixed coupon of 5.5% and the coupon on the five-year bonds was set at 6.5%.

Both notes priced at 99.99, giving a real yield of...

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