Thai Oil in new capital markets success

Refiner provides the perfect tonic for beleagured Asian debt capital markets.

Thai Oil rejuvenated the Asian debt capital markets yesterday June 2 with an increased $350 million 10-year deal via ABN AMRO and UBS.

The Reg S transaction proved a textbook example of how to successfully execute a deal by using a small issue size and wide guidance to build momentum and leverage pricing. In what remains an unsettled market, Thai Oil also had the kind of credit profile investors have been looking for - a relatively defensive investment with a bit of a yield kicker.

The Baa1BBB credit could be described as the classic turnaround story and one that has already proved itself to equity...

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