The transaction will benefit from a strong domestic bid. Onshore banks are required to hold a certain amount of government debt, and a yen issue is particularly attractive since, when swapped, the bonds will offer a greater spread than baht-denominated government paper.
According to bankers, all the bonds could potentially be placed onshore in what would essentially be a domestic transaction, relatively immune to global credit conditions.
Institutions that have been contacted are rumoured to include Daiwa, Deutsche Bank, HSBC, JPMorgan,...
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