Thai firms to lead manage Yankee bonds

Thai firms to lead manage Yankee bonds

BANGKOK (Reuter): Thailand's Finance Ministry said yesterday that Lehman Brothers and Salomon Inc had been chosen to lead manage the country's upcoming US$500 million Yankee bond issue.

The two firms will also coordinate with Thailand in providing information about the country for credit reviews to ratings agencies Moody's Investors Service and Standard and Poor's, a finance ministry official said.

Thailand three other co-underwriters -- J.P. Morgan, Merrill Lynch and Co and Morgan Stanley.

The bonds, to mature in 10 to 30 years, are expected to be in the market in one or two months with Finance Minister Amnuay Viravan planning a road show to the United States in March, he said.

This is the third time that Thailand has issued Yankee bonds.

The move is to expand its long-term debt base and to use the proceeds for infrastructure projects.

The ministry official said Lehman Brothers and Salomon Brothers would help Thailand provide up-to-date information on the Thai economy to major credit rating agencies.

Moody's will send its economists to Thailand between March 6-7 to survey the Thai economy, the official said.

The firm said on Friday that it might cut Thailand's A2 long- term foreign currency debt. It said the review was prompted by concerns over the soundness of Thailand's financial sector,