Bangkok--2 May--SCB
Siam Commercial Bank, PCL. (SCB) successfully raised US$300 million in 3-year senior unsecured floating rate notes, The notes are rated Baa1 by Moody's, BBB by Standard & Poor's and BBB+ by Fitch.
Khunying Jada Wattanasiritham, President and CEO reported that the proceeds from the offering will be used to finance the bank's operations and future business extension supporting its corporate strategies. The offering achieved strong demand from high quality onshore and international investors with an order book of over 2.5 times oversubscription. A majority of the issue was distributed to Asian based investors and there was an unprecedented amount of participation from non-bank accounts. The 3-year notes priced at 23 basis points over LIBOR, the six-month London inter-bank offered rate, reflecting the very warm welcome from the market. Goldman Sachs Group Inc. acted as arranger for this successful sale.
"The oversubscription and the price reflected creditability of the Bank in the eyes of international investors. We are so glad that we have reached this important stage and be able to deliver to all investors the Bank’s successful story resulting from the Bank’s firm strategy and direction, world-class quality products and services and strong financial performance. All these are well received in the Global Market and reflected in the deal this time." Khunying Jada added at the end.
SCB is currently Thailand's the 3rd largest bank. It had total assets of Bt 919 billion (USD 24 billion) as of March 31, 2006.