Clifford Chance

Clifford Chance advises on Thailand's first sovereign bond switch

Leading international law firm Clifford Chance has advised Bangkok Bank, Kasikornbank and Standard Chartered as the joint lead managers on the Kingdom of Thailand's THB76 billion (US$2.3 billion) inaugural government bond switching transaction. As part of its Public Debt Management Plan, the Kingdom of Thailand invited holders of LB155A bonds due May 2015 to exchange for four destination bonds with longer maturities including LB176A due June 2017, LB191A due Jan 2019, LB21DA due Dec 2021 and amortising bonds, LBA37DA due Dec 2037.

"We were delighted to assist on Thailand's first government bond switching deal. The transaction was very well received by the markets, both onshore and offshore, and a great success for Thailand in managing their debt proactively," said Counsel Doungporn Prasertsomsuk who led on the deal.

Clifford Chance has advised on a number of liability management programmes including South Korea's National Agricultural Cooperative Federation in its successful debt liability management exercise including solicitation of consents from the holders of its outstanding US$2.4 billion notes.

Doungporn was assisted by associates Disaporn Saengpetch and Jedsarit Sahussarungsi. Hong Kong partner Matt Fairclough also provided support on this transaction.