The Siam Cement Public Company, Thailands biggest industrial group, has been one of the top issuers in Thailands local currency bond market, having issued Bt90 billion $2.11 billion of bonds since the beginning of 1999. The proceeds of these bond issues have primarily been used to refinance Siam Cements overseas borrowings as part of an on-going restructuring process made necessary by the Asian economic crisis.
The first Bt75 billion of bonds issued since the start of last year was used purely to refinance the companys foreign debts, which going into the Asian economic crisis were in the region of $5 billion - $4.2 billion of which was in US dollars....
