The market has been anticipating the pricing of a Thai credit for the better part of this year amid rumours that issuers have been sitting in the pipeline for some time. The wait was over late Wednesday when PTT Exploration and Production PTTEP priced a benchmark $500 million five-year deal.
The exploration and production subsidiary of Thailand's state-owned Petroleum Authority of Thailand PTT became the first Thai issuer in three years to sell debt in the US dollar market.
The investment-grade bonds A3BBB will pay a coupon of 4.152% and priced at par, which resulted in a yield of the same amount and a spread of 230bp over the five-year US Treasury...
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