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TRADE FINANCE | Cesar Tordesillas, Thailand
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Siam Commercial Bank to issue bonds overseas

Siam Commercial Bank will issue Bt40 billion in subordinated debentures in the second and third quarters.

This is part of the bank's fund raising efforts under its US$2.5 billion Global Medium Term Notes Programme.

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". The ratings firm 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 deposit rating from its baa2 stand-alone credit assessment.
 

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