Yoma Strategic Holdings Ltd. Raises THB 2,220 million Through Baht Bond Issuance Twin Pine Group announces the success of the debut cross-border bond by a Myanmar-focused company

Stocks and Financial Services Press Releases Thursday January 24, 2019 15:03
Bangkok--24 Jan--i2C Communications

Mr. Adisorn V. Singhsacha, founder and CEO of Twin Pine Group Co., Ltd. ("Twin Pine"), a leading advisor for cross-border fundraising for companies based in Cambodia, Laos, Myanmar and Vietnam ("CLMV countries"), announces the success of the first cross-border bond issuance by a Myanmar-focused company in the Thai capital market. Twin Pine is the Sole Advisor to Yoma Strategic Holdings Ltd. ("Yoma Strategic"), a leading conglomerate based in the Republic of the Union of Myanmar and listed on the Singapore Stock Exchange, for this transaction. The five-year fixed rate, THB 2,220 million guaranteed bond (equivalent to the maximum approved guaranteed amount of USD 70 million on the day of pricing) has been priced at 3.38%, with semi-annual coupon payments. Bangkok Bank Public Company Limited ("BBL") is the sole lead arranger for this transaction. The bond received strong interest from investors.

"Yoma Strategic's bonds were well-received by Thai institutional investors, with a bid coverage ratio of more than 2.5 times, given the company's strong business performance and growth potential. The bonds have been rated AAA by TRIS Rating Co., Ltd. and are fully guaranteed by the Credit Guarantee and Investment Facility ("CGIF"), a multilateral facility established by the Association of Southeast Asian Nations members, China, Japan, Korea ("ASEAN+3") and the Asian Development Bank ("ADB") to promote economic development, stability and resilience of financial markets in the region," stated Mr. Adisorn. He also noted that the bonds were allotted to life-insurance companies, government related institutions and commercial banks.

Mr. Adisorn further adds, "Twin Pine has been working on this transaction for some time and through this landmark transaction, we are achieving a number of "market's firsts", most significantly, it marks the debut cross-border issuance by a leading Myanmar-focused company. I must applaud Yoma Strategic's management for their foresight and appetite in venturing into this pioneer deal. Investors' receptivity for this landmark transaction reflects Thailand's ability and readiness to become the center for capital raising for the Greater Mekong Subregion. The deal also falls in line with Twin Pine's endeavor to focus on CLMV cross-border fund-raising exercises and the mutual benefits derived from such deals. We aim to provide leading corporations and state enterprises with high growth potential in the region with access to the Thai capital market and to bring about new investments opportunities for local investors."

Mr. Melvyn Pun, CEO of Yoma Strategic, stated, "This is a true ASEAN wide collaboration. We see a Singapore listed, Myanmar-focused company, raising bonds in Thailand which have been guaranteed by CGIF, an institution created to boost long-term investment in the region. Myanmar is one of the few countries in Asia without a sovereign rating, which makes our AAA issue rating a significant milestone for Yoma Strategic as well as for the economy more broadly."

"The bond offering has allowed us to diversify our sources of funding and tap Thailand's strong domestic liquidity. We are pleased to have gotten an attractive cost of financing for this issuance and extend the maturity of our borrowings for a longer period than if we had looked to banks or other financial institutions. The proceeds will help to accelerate the growth of our businesses in Myanmar," added Pun.

Mr. Narin Opamuratawongse, Executive Vice President of Bangkok Bank stated, "Bangkok Bank is very proud to be an integral part of Yoma Strategic's inaugural bond transaction. As the sole arranger for the bond issuance, we have dedicated our resources in Thailand, Singapore and Myanmar to arrange and execute the transaction efficiently and smoothly. It showcases Bangkok Bank's ASEAN platform and our Debt Capital Market expertise that can help mobilize investment from Thailand to ASEAN issuers."

Latest Press Release

Sino-Russian (Harbin) economic and trade index launched to serve as barometer of bilateral trade

The Sino-Russian (Harbin) economic and trade index was launched on June 16 in Harbin, capital of northeast China's Heilongjiang Province. The index, developed by experts from institutions including the Chinese Academy of Social Sciences (CASS), the...

Bitfinex Presents Unus Sed Leo Transparency Initiative

Bitfinex is proud to announce the launch of the UNUS SED LEO Transparency Initiative, built around a real-time token burn redemption mechanism. The UNUS SED LEO token was launched on May 22nd following a successful 1bn USD raise, in a unique dual...

KTC provides KTC VISA card members privileges with 20% discounts off Accor Plus card registrations.

"KTC" or Krungthai Card Public Company Limited, provides exclusive privileges to KTC VISA card members. Members instantly receive 20% discounts from an original price of Bt. 7,000 to only Bt. 5,600 for registering and making payments for the Accor Plus...

Umay+ expands a new feature Cash withdrawal by card less in the Umay+ Mobile Application available to customers.

Umay+ expands withdrawal function without card or card less in order to facilitate Umay+ card and Umay+ Premier card customers by doing cash withdrawal function through Umay+ Mobile Application. Then, using mobile application to scan QR Code and at Umay+...

Photo Release: Bangkok Bank receives three awards at The Asian Banker Leadership Achievement Awards 2019 The Best Trade Finance Bank in Thailand, The Best Payment Bank in Thailand and The Best Custody Bank in Thailand

Bangkok Bank Senior Vice President and Trade Finance Center Manager Kajohnsak Manaviriyakul (left), Senior Vice President and Securities Services Department Manager Mrs. Nuttanok Vichitthanarurk (middle) and Vice President and Global Payment Services...

Related Topics