A cross-office Baker & McKenzie team acted as Thai and US law counsel to the joint underwriters – The Hongkong and Shanghai Banking Corporation Limited (Bangkok Branch), Krung Thai Bank Public Company Limited, The Siam Commercial Bank Public Company Limited and KASIKORNBANK Public Company Limited – in connection with the issuance of 10-year 1.2% inflation-linked bonds (the “Bonds”) by the Ministry of Finance of Thailand.

The THB40 billion bond offering marked the first inflation-linked bond in Thailand and also in Southeast Asia. The Bonds were offered domestically in Thailand and internationally under Regulation S of the U.S. Securities Act of 1933. Return on the inflation-linked bonds will be adjusted by an Inflation Index Ratio linked to the Thai Headline Consumer Price Index.

The Baker & McKenzie team was led from Thailand by Capital Markets Partner Viroj Piyawattanametha, and from Singapore by US Securities Partner Yeo Jih-Shian from Baker & McKenzie.Wong & Leow, member firm of Baker & McKenzie in Singapore. 

Commenting on the transaction, Viroj Piyawattanametha said, “We are very pleased to have assisted our clients to bring this landmark transaction to a successful closing. This deal demonstrates our ability to offer integrated advice combining international capital markets expertise with rich local law experience which our clients have come to value.”