Bangkok: Leading international law firm Clifford Chance has advised Noble Group Limited on the issuance of 3.55% THB 2.85 billion (approx. US$100 million) guaranteed bonds due 2016. This is the first ever bond issuance utilising the Credit Guarantee and Investment Facility (CGIF) established by the Asian Development Bank (ADB), the Association of Southeast Asian Nations (ASEAN) members, China, Japan and Korea (ASEAN+3).
The CGIF was established as a trust fund of ADB with the aim of developing and strengthening local currency and regional bond markets in the ASEAN region through providing a guarantee facility as a credit enhancement for corporate bonds issued in local currencies by ASEAN+3-domiciled corporations.
This is the first time that Noble Group has tapped into the Thai baht bond market and CGIF’s guarantee has enabled the company to diversify its funding sources.
“I’m delighted to have advised Noble Group on this ground-breaking bond issuance,” said Counsel Doungporn Prasertsomsuk. “The availability of the CGIF will certainly help boost the continued growth of the Thai bond market as well as other local bond markets in ASEAN countries.”
Doungporn was assisted by Bangkok associate Vipavee Kaosala on this transaction.
Noble Group is listed on the Singapore Stock Exchange and is Asia’s largest diversified commodities trading company managing agricultural, industrial and energy products. Noble has 140 locations with headquarters in Hong Kong.