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...