SEK is one of only 15 foreign applicants who have been granted permission to issue Baht-denominated bonds in Thailand. The permission is important for Swedish companies wanting to make investments in Thailand.
The permission allows SEK to raise up to 3.5 billion Thai baht (approximately USD 105 million) and is valid until December 31, 2008. SEK was one of only 15 successful foreign applicants. The Thai Ministry of Finance evaluated applications based on a number of criteria, for example the applicant’s credit rating and use of proceeds. SEK has through this permission secured its ability to successfully provide local currency financing in Thailand which is very important for Swedish companies wanting to invest in the Thai market.
“SEK is honored to once again be granted permission by the Thai Ministry of Finance. We believe that the Ministry looked favorable at the fact that SEK successfully issued a Thai baht bond in June 2008”, says Johan Sverdrup, Director and Senior Executive Emerging Markets at SEK.
The Thai currency is not fully convertible and access to the capital market is controlled, all of which underlines the importance of access to Thai baht financing for business activities and investments in Thailand.
Further information can be obtained at SEK’s home page www.sek.se.