Thai plans $2b bond tranche

Thai plans $2b bond tranche

BANGKOK (Reuters): The Thai cabinet is expected today to approve a finance ministry proposal to float a first tranche of up to $2.0 billion in offshore sovereign bonds, a finance ministry source said on Sunday.

The ministry official said a large but still unspecified portion of the expected five-year bonds would be placed in the U.S. market where the process of listing them is due to be completed this week.

The planned bonds, expected to be floated by late July, are part of a total US$5.0 billion in global bonds that Thailand intends to issue by end-2000 to raise funds, mainly for boosting its foreign reserves.

The official said Finance Minister Tarrin Nimmanahaeminda and his deputy Pisit Leeatham would lead two separate roadshows for the bonds in the U.S. and major European and Asian markets during the third week of July.