BBL Offers ฿23Bn Debentures to Overseas Investors with a Ba1 Rating

Bangkok Bank Public Company Limited (BBL) announced that on September 23, 2020 the Bank issued US$750,000,000 (equivalent to 23 billion baht) Additional Tier 1 Subordinated Notes under the Bank’s Global Medium Term Note Program which are qualified to be included in the Tier 1 capital of the Bank (the Additional Tier 1 Subordinated Notes) to offer to overseas institutional investors, which have Bangkok Bank Public Company Limited acting through its Hong Kong branch as a issuer, with an issue rating of Ba1 (Moody’s).

Initial distribution rate is 5.000% p.a. until the First Call Date and thereafter be reset every 5 years according to the reference rates as specified in the terms and conditions of the Additional Tier 1 Subordinated Notes. Distribution will be payable semi-annually in arrears on March 23 and September 23 in each year, commencing on March 23, 2021 and the Bank has full discretion to cancel distribution payment at any time without any condition.

 

Maturity date of the Additional Tier 1 Subordinated Notes are perpetual securities and have no fixed maturity or fixed redemption date, provided that the Bank may redeem the Additional Tier 1 Subordinated Notes after 5 years from the Issue Date pursuant to its early redemption rights as set out in the terms and conditions, subject to the Bank of Thailand’s approval. The optional redemption date is 23 September 2025 (First Call Date) and every Distribution Payment Date thereafter, subject to the Bank of Thailand’s approval.