The Asian Development Bank ADB has launched its inaugural baht denominated bond with a Bt4 billion $100 million bullet offering. The deal represents the first internationally rated triple-A deal to come out of Thailand and the first triple-A rated asset available to domestic investors.
The five-year deal was priced at par with a semi-annual coupon of 3.87% to yield at 17bp over the interpolated government bond yield curve. The notes were pitched to investors on a range of 15bp to 23bp over.
Joint lead managers Citigroup and Siam Commercial Bank felt able to sell the deal comfortably at the 17bp level having garnered an order book of...
