EXIM Bank picks Daiwa and Mizuho as managers for US$200M FRN sales

Seen during the agreement signing ceremony are: (from left) Mr. Yuichi Akai of Daiwa Capital Markets Singapore, Dr. Apichai of EXIM Bank, and Mr. Tomohiro Watanabe of Mizuho Securities.

The Export-Import Bank of Thailand (EXIM Bank) recently appointed Daiwa and Mizuho as joint lead managers for the selling of its floating rate notes (FRN) worth 200 million US dollars to leading institutional investors.
The agreement has been signed on Monday by Dr. Apichai Boontherawara, president of Thailand’s EXIM Bank, Mr. Yuichi Akai, chairman of Daiwa Capital Markets Singapore Ltd, and Mr. Tomohiro Watanabe, general manager of International Finance Department of Mizuho Securities Co., Ltd. (Mizuho), at the bank’s head office in Bangkok.

According to Dr. Apichai, the selling of the FRN with five-year maturity, which was kicked off yesterday, is aimed at raising funds to refinance the bank’s maturing debts within this year and to further expand the bank’s businesses after the satisfactory operating results from last year.

In December last year, Fitch Ratings (Thailand) had affirmed EXIM Bank’s long-term foreign currency issuer default rating (IDR) at “BBB” with a stable outlook, as a result of the bank’s improvement in financial performance in 2009, reduced non-performing loans (NPLs) and strong capital position.

As state-owned financial institution with mandate to support and promote the growth of Thai export, investments abroad and investments for national development, EXIM Bank’s ratings are correlated with the Thailand’s sovereign ratings.