Energy

Thai Oil gets $1bn bond away even as markets decline

With the oil sector poised for a recovery, Thai Oil priced a benchmark bond inside its own curve, even as markets crumbled during bookbuilding.
June 15, 2020

Despite a market that weakened during bookbuilding, the country’s largest oil refinery priced a punchy $1 billion two-part bond deal at breakneck speed that seemed to shake off the doldrums that have affected the oil and gas sector for the past few months.

Last Thursday, 11 June, Thai Oil printed a $400 million 10-year tranche at US Treasuries plus 185 basis points at 99.859 to yield 2.516% and a $600 million 30-year tranche at 3.75%.

Execution of the Reg S144A deal was fast. Thai Oil went from mandate to execution within only three days.

The trade received very strong demand as soon as...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222