Bangkok Bank wows with $1 billion bond sale

Bangkok Bank raised $1 billion from a stunning bond sale on Wednesday, with volumes equally divided between two five- and 10-year tranches, according to sources.

Despite some initial market uncertainty as investors scaled back on duration, the 10-year tranche drew a book totalling $2.5 billion from more than 200 accounts. At an initial price guidance of 250bp above Treasuries, the tranche tightened by 15bp and only offered a new issuance premium of 6bp.

Prior to last week’s unexpected decision by the Federal Open Market Committee to stick with the current rate of US monetary stimulus, Bangkok Bank had been aiming to issue the majority of its...