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The bond market in Thailand is starting to see a surge in demand and supply as the market anticipates a gradual increase in interest rates.
Thailand is among the only countries that has not raised the interest rates but the meeting of the Monetary Policy Committee (MPC) that is set to meet on August 10 is likely to raise the rates by a minimum of 25 basis points (0.25%) and could be as high as 50 or 75 basis points (0.50-0.75%) as a way to tame the rising inflation.
The rising rates would also mean that the bank loans of many of the companies are likely to see their interest burden rise and therefore many companies, mostly in property sector, have been issuing bonds, to lock in their interest rates for a longer period, the Thai Bond Market Association said.
Below is the list of many of the companies looking to issue new bonds or have recently issued bonds.
Muangthai Capital Plc
Muangthai was offering institutional and high net worth investors 2 sets of senior unsecured bonds with interest payment every 3 months.
The first set is 5-year senior unsecured bonds with a 3% fixed rate, worth not more than 1,000 million baht.
The second set is 5-year senior unsecured bonds with a 3.90% fixed rate, worth not more than 500 million baht.
The total offering value is not more than 1,500 million baht. The TRIS Rating rated the company at “BBB+” with a ‘stable’ outlook, and for the debenture, there was no credit rating being rated.
The reservation took place on past July 5, 2022, through Kasikornbank PCL.
Siamese Asset Plc (SA)
Siamese Asset, property developer, has offered institutional investors and high net worth investors 2 sets of senior bonds both secured and unsecured with interest payment every 3 months which the debenture issuer holds the right to redeem the debentures prior to their maturity.
The first set is senior secured bonds of 2 years and 6 months with a 6.25% fixed rate per year, worth not more than 1.1 billion baht.
The second set is senior unsecured bonds of 2 years with a 6.80% fixed rate per year, worth not more than 300 million baht.
The total offering value is not more than 1.4 billion baht. TRIS Rating rated the company at ‘BB+’ with a ‘stable’ outlook, and for the debenture, there was no credit rating being rated.
The reservation for this offering was on July 1 and July 4-5, 2022, through KTBST Securities Plc and Krungthai XSpring Securities Co., Ltd.
EDL-Generation Public Company
EDL-Generation has offered institutional and high net worth investors 4-year and 6 months senior unsecured bonds with a 6.50% interest rate per year and interest payment every 3 months.
The total offering value is not more than 1,085.5 million baht. The TRIS Rating rated the company at ‘BBB-’ with a ‘stable’ outlook, and ‘BBB-‘ for the debenture.
The reservation day was July 5-7, 2022, through KTBST Securities Plc, Globlex Securities Co., Ltd, Phillip Securities Thailand Plc, and UOB Kay Hian Securities Thailand Plc.
Grande Asset Hotels & Property Plc
Grande Asset Hotels & Property has offered 1 year and 9 months senior secured bonds with a 7.25% fixed rate per year and interest payment every 3 months to institutional and high net worth investors.
The total offering value is not more than 3.5 billion baht. The company has a credit rating of ‘BB-’ with a ‘negative’ outlook, and no credit rating for debenture.
The reservation day was on 5-7 July 2022 through KTBST Securities Plc, Krungthai XSpring Securities Co., Ltd, KGI Securities (Thailand) Plc, Siam Wealth Co., Ltd., Globlex Securities Co., Ltd, and Bluebell Securities Co., Ltd.
Raimon Land Plc
Raimon Land will be offering 3 sets of senior unsecured bonds with interest payment every 3 months, worth not more than 1 billion baht to institutional and high net worth investors.
The first set is 11 months long with a 7.00% fixed rate per year, worth not more than 540 million baht.
The second set is 1 year and 6 months long, worth not more than 700 million baht, and reserve bank bonds of not more than 350 million baht with step up interest rate as follows:
– 7.10% interest rate per year in the first year
– 7.25% interest rate per year in the second year
The 3rd set is 2 years and 6 months long, worth not more than 700 million baht, and reserve bank bonds of not more than 350 million baht with step up interest rate as follows:
– 7.10% interest rate per year in the first year
– 7.25% interest rate per year in the second year
– 7.60% interest rate per year in the third year
The reservation day will start on July 11-12 and July 14, 2022, through Trinity Securities Co., Ltd.
Pattra House and Property Plc
The Pattra House & Property, is preparing to offer institutional and high net worth investors 1 year and 10 months senior bonds with the company’s securities as collateral which the debenture issuer allowed to withdraw early debentures.
The fixed rate is at 6.35% per year with interest payment every 3 months. The total offering value is not more than 100 million baht with no debenture rating.
The reservation day will take place from July 11-12 and July 14, 2022, through KPM Securities Co., Ltd.
Trinity Watthana Plc
Trinity Wattana will be offering institutional and high net worth investors short-term debentures which specify the name of the holder and senior unsecured bonds.
– The short-term debenture is 6 months and 15 days long with an interest rate of 2.50% per year, worth not more than 300 million baht.
And 2 sets of senior unsecured bonds with interest payment every 3 months.
– The first set is 1 year and 28 days long with a fixed rate of 3.20% per year, worth not more than 200 million baht.
– the second set is 2 years long with a fixed rate of 3.80% per year, worth not more than 200 million baht.
The total offering value is not more than 700 million baht with no credit rating.
The reservation day for short-term debentures was on July 5-8, 2022. The reservation day of the 2 sets of senior unsecured bonds is 14-15 July 2022, through KPM Securities Co., Ltd., Kingsford Securities Plc, and KTBST Securities Plc.
Internet Thailand Plc
The INET will be offering 2 years and 6 months long senior unsecured bonds which the debenture issuer could redeem the debentures before their maturity to institutional and high net worth investors.
The fixed rate is at 5.15% per year with interest payment every 3 months.
The total offering value is not more than 700 million baht with no credibility rating.
The reservation day will start on July 14-15, and July 18, 2022, through Yuanta Securities (Thailand) Co., Ltd., and Maybank Securities Plc.
Sansiri Plc or SIRI
Sansiri will be offering 2 sets of senior unsecured bonds and digital senior unsecured bonds with interest payment every 3 months to the general public (with the exception of minors) who holds only Thai nationality and has domicile and residence in Thailand only.
– The first set is 4-year-long senior unsecured bonds with interest rate of 3.90-4.00% per year.
– The second set is 4-year-long digital senior unsecured bonds with interest rate of 3.90-4.00% per year.
TRIS Rating rated SIRI credibility at “BBB+” with a “stable” outlook.
The bonds will be open for reservation on July 19-21, 2022, with the first set being reserved through CIMB THAI Bank Plc, and the second set being reserved through the “Paotang” application under Krungthai Bank Plc.
Magnolia Quality Development Co., Ltd. or MQDC
MQDC will offer 2 sets of senior secured bonds with interest payment every 3 months to institutional and high net worth investors.
– The first set is 2-year-long senior secured bonds with a fixed rate of 6.75% per year.
– The second set is 2-year, 11 months, and 29 days long senior secured bonds with a fixed rate of 7.10% per year.
The total offering value is not more than 8 billion baht with no credibility rating.
The reservation will start from July 20-22, and July 25, 2022, through Maybank Securities Plc, Asia Plus Group Holdings Plc, KTBST Securities Plc, Krungthai XSpring Securities Co., Ltd, Merchant Partners Plc, and UOB Kay Hian Securities Thailand Plc.
