By Paul A. Harris
St. Louis, Sept. 19 - Krung Thai Bank PCL has priced a $200 million issue of 7.462% perpetual hybrid tier 1 securities (Ba1/BB+/BBB-) at a 210 basis point spread to mid-swaps, according to market sources.
The spread is on the wide end of the mid-swaps plus 200 to 210 basis point price talk.
The securities, which were sold for a par dollar price, become callable after 10 years. If they are not called, the coupon changes to a floating rate that pays three-month Libor plus 310 basis points.
Merrill Lynch & Co. ran the books for the Regulation S transaction.
Bangkok, Thailand-based Krung Thai Bank is the second largest bank in Thailand.
| Issuer: | Krung Thai Bank PCL
|
| Amount: | $200 million
|
| Maturity: | Perpetual
|
| Security description: | Perpetual hybrid tier 1 securities
|
| Bookrunner: | Merrill Lynch & Co.
|
| Coupon: | 7.462%
|
| Price: | Par
|
| Yield: | 7.462%
|
| Call/step-up provision: | Callable on Sept. 26, 2016. If not call coupon steps up to three-month Libor plus 310 bps
|
| Spread to Treasuries: | 265 bps
|
| Spread to mid-swaps: | 210 bps
|
| Trade date: | Sept. 19
|
| Settlement date: | Sept. 26
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
| Listing: | Singapore Stock Exchange
|
| Price talk: | Mid-swaps plus 200 to 210 bps
|
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