SEK has once again been granted permission to issue Baht-denominated bonds in Thailand. Only six foreign applicants were granted permission by the Thai Ministry of Finance and SEK can now continue to offer local currency financing to Swedish companies wanting to make investments in Thailand.
The permission is valid until June 30, 2009 and allows SEK to raise up to 4 billion Thai baht (approximately USD 115 million). SEK was one of only six foreign applicants to successfully complete the tough evaluation process. The Thai Ministry of Finance evaluated applications based on a number of criteria, for example the applicant’s credit rating and use of proceeds.
“It is very gratifying for us and it is also an important decision for Swedish companies that are or plan to be active on the Thai market. Our efforts to strengthen our possibility to offer local currency financing continues to be successful and is ever more important for the competitiveness of Swedish export companies,” says Miriam Bratt, Head of the business unit Emerging Markets at SEK.
The fact that the Thai currency is not fully convertible and that access to the capital market is controlled, all underlines the importance of access to Thai baht financing for business activities and investments in Thailand.
