Thai Aromatics: sweet smell of success?

Third PTT company taps the dollar bond market.

After a two-week delay, Thai Aromatics was able to complete a $300 million seven-year bond deal yesterday July 14 via ABN AMRO and UBS.

The Baa3BBB rated issue was priced at 99.847% on a coupon of 5.5% to yield 5.527% or 150bp over Treasuries. Fees were undisclosed, which undoubtedly means they are very low and probably on a par with Thai Oil's recent $350 million issue, which paid about 13bp.

Thai Aromatics' deal was re-launched and closed within a 24-hour period, resulting in a $600 million order book. About 56 accounts participated, of which 34% came from Singapore, 35% from Europe, 16% from Hong Kong,...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222