The latest 500-million-baht bonds issued by Sansiri Plc (SIRI), one of the leading property developers in the country, were booked out in a matter of hours on the first day it was offered.
Sansiri i-Easy bonds are “bonds to which everyone has access and equal chance to purchase,” said Srettha Thavisin, the chief executive.
The bonds were launched through SCB Easy, a mobile-banking application Bank, on Thursday, with a minimum subscription of only 10,000 baht, ten times lower than normal bonds.
The Rate of Return is also as high, some 3 per cent yearly, paid every three months over the course of two years and six months. The normal rate is fixed around 1 per cent, according to Srettha.
“We had some 1,500 subscribers including both corporate and retail investors in line with the project’s goal,” he added.
Like other sectors, the residential market has been adversely impacted by the pandemic with demand from both domestics and overseas lowered.
Sansiri said that it would gain liquidity to maintain its operation, which will help stabilize its business until the economy recovers to pre-Covid levels.
With the anticipation that Bangkok and major provinces will reopen from October, Srettha noted that Sansiri is “well prepared for the rising demand in every aspect as the signs of recovery are showing.”
An analyst at Finansia Syrus Securities said in a research note that Sansiri, along with Noble Development Plc (NOBLE), will see upsides once foreigners return, especially those from East Asia.
“Noble and Sansiri are well-known among foreigners in the property market,” the analyst said.
When Thursday’s market ended, SIRI share price rose strongly by 6.15 per cent from the previous closing to 1.38 baht.