Bangkok--Jan 20--HSBC
The recently issued DAD SPV’s debut THB10.3 billion securitisation bonds has won FinanceAsia’s Awards of Achievement for “Best Thailand Deal”. The Transaction was selected over all debt and equity capital market transactions done out of Thailand for the year 2005.
According to FinanceAsia, the deal was “a major breakthrough for the Thai financial market. With the government keen to spearhead infrastructure spending through a securitised structure, the Dhanarak (DAD) deal was a pioneer. Thailand's first ever future flow transaction was backed with 30 years worth of rentals from the new government headquarters in Chang Wattana in Bangkok.”
The transaction was a pioneer in a number of significant areas, including the following:
First securitisation to be offered to retail investors
First securitisation bond offered under a multiple—issuance programme
Largest domestic securitisation done in Thailand to-date
First real estate related securitisation done in Thailand
First capital markets transaction by a Mega Project
First transaction to be simultaneously rated AAA by TRIS and FITCH
Longest bullet tenor bond ever issued by a corporate in Thailand
HSBC, Bangkok Bank and TMB Bank were joint financial advisors and lead managers for the transaction. Government Savings Bank acted as sole transaction coordinator.
Editor Notes:
DAD SPV
DAD SPV is a special purpose vehicle established to securitise future rental income due from the Treasury Department of the Ministry of Finance over a period of 30 years. DAD SPV was established by Dhanarak Asset Development Co., Ltd., a wholly owned State enterprise of the Ministry of Finance of the Kingdom of Thailand, to raise funds for the construction of the government office complex that will be located on Chawattana Road in Bangkok. Upon completion, the office complex will house 28 government agencies. In November 2005, DAD SPV issued THB10.3 billion worth of securitsation bonds in five bullet tenors: 7, 10, 15, 20 and 30 years. The bonds were well over-subscribed, allowing the issuer to upsize the issue from an originally anticipated THB9.5 billion to THB10.3 billion.
Media enquiries to Seenual Reugsirinukul or Savittree Muadmuang on 0-2614-4606, 0-2614-4687.
Notes to editors:
1. HSBC in Thailand
HSBC was established as the first commercial bank in Thailand in 1888. With access to global expertise and enriched local knowledge, HSBC in Thailand provides a full range of financial services including corporate and institutional banking, global markets, securities services, trade finance, payment and cash management services to corporate customers; personal financial services and credit cards to a growing retail customer base in Thailand. HSBC is globally recognised for its high service standards, ethical practices and full commitment to corporate social responsibilities to benefit the local economy.
2. HSBC Holdings plc or the HSBC Group
Headquartered in London, the HSBC Group is one of the largest banking and financial services organisations in the world. The Group’s international network comprises over 9,700 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa, serves over 110 million customers and has assets of US$1,467 billion at 30 June 2005. The Hongkong and Shanghai Banking Corporation Limited (HSBC) is the founding and principal member of the HSBC Group. End.