SCB to issue bonds overseas
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Siam Commercial Bank is raising additional funds under its US$2.5 billion Global Medium Term Notes Programme, following the mobilisation of US$600 million in the first quarter under the porgramme and Bt40 billion in subordinated debentures in the second a
The senior unsecured notes will be issued through its Hong Kong branch and listed on the Singapore Stock Exchange. The exact amount, maturity, and pricing of the issuance have not been finalised.
Moody's Investors Service today announced that the tap bond offering would not change the Thai bank's senior unsecured bond rating of "A3". It said that as Thailand's third-largest bank by assets, Moody's believes that SCB's senior debt and deposit holders would benefit from a very high level of systemic support, which results in a two-notch uplift to the bank's A3 long-term global local currency (GLC) deposit rating from its baa2 stand-alone credit assessment.
SCB had assets of Bt2 trillion as of end-June 2012.
