Clifford Chance

Clifford Chance advises Thailand's PTTEP on the issuance of US$500 million 2.587% senior notes due 2027

Leading international law firm Clifford Chance has advised Thailand's PTT Exploration and Production Public Company Limited (PTTEP) as Guarantor and PTTEP Treasury Center Company Limited as Issuer on the issuance of US$500 million 2.587% senior notes due 2027.

The notes are issued under PTTEP's US$3 billion global medium-term note programme, which was established in November 2019. PTTEP Treasury Center Company Limited is a wholly owned financing subsidiary of PTTEP.

The bond proceeds will be used for general corporate purposes and on-lending to entities within the PTTEP group. This bond issuance follows two liability management exercises and bond offerings by PTTEP over the period from November 2019 to January 2020. Clifford Chance also advised on these transactions.

Clifford Chance partners Matt Fairclough and Johannes Juette led a cross-border team that included senior associates Sarah Cheng and Jeffery Hung in Hong Kong and associate Stephanie Liman and trainee lawyer Eugenio Decio in Singapore.

Matt said, "The strong interest in this seven-year bond highlights investor appetite for well recognised and trusted names from Thailand, even in the context of the current market uncertainty. Hopefully, it is another sign of Thailand leading the emergence of the region from the crisis."

Johannes offered, "We are thrilled to have advised PTTEP on this most recent transaction. It is another strong showing by one of the region's leading names in one of Southeast Asia's busiest markets for bond issuances this year."

Clifford Chance's leading Debt Capital Markets team has a strong track record of advising on corporate and government bond offerings in Thailand in the past year, including the liability management exercises and bond offerings for PTTEP mentioned above; the issuance of US$400 million 4.90% perpetual additional Tier 1 capital securities by TMB Bank Pcl (the first additional Tier 1 capital securities issued in Thailand under the Basel III framework); the establishment of a US$556 million global medium-term note programme by PTT Global Chemical Pcl; and the issuance of US$565 million 3.50% senior notes by ThaiOil Pcl.