Two PTT bond issues net more than Bt25 billion
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PTT Group has successfully raised over Bt25 billion from two bond issues.
While PTT sold Bt10 billion worth of 10-year, zero-coupon bonds in Thailand, its subsidiary, PTT Exploration and Production, completed the offering of five-year, senior unsecured bonds worth US$500 million or about Bt15.5 billion to foreign investors.
PTT president Pailin Chuchottaworn said yesterday that the zero-coupon bond issue was 1.5 times oversubscribed, which demonstrates investor confidence in PTT’s strengths amid high volatility in the financial market.
“PTT has offered loyalty bond programmes, to sell bonds to the general public on an annual basis, but there had been no bonds issued to institutional investors for two years.
“This is a good chance to reconnect to institutional investors. Plus, there are few zero-coupon bond issues in Thailand and PTT is delighted to help grow the bond market in terms of products and distribution channels,” he said in a statement.
The 10-year bond was offered to institutional and high-net-worth individual investors in Thailand on September 13. Interest, at 5.12 per cent per year, will be paid at maturity.
PTTEP sold foreign bonds, carrying 3.707 per cent per year.
In its filing to the Stock Exchange of Thailand, PTTEP said the proceeds would be used for general corporate purposes including, but not limited to, funding petroleum E&P activities.
Earlier, PTT notified the SET about changes to its short-term investment plans to reflect the changed global economic environment. The group’s board cut back its 2013 investment plan to Bt52.62 billion from Bt98.84 billion, mostly pertaining to overseas investments for which project details were not yet specified.
