Thailand's Kasikornbank launches $800 million US dollar bond sale, term sheet shows

​Kasikornbank, one of Thailand's largest commercial banks, has launched an $800 million sale of U.S. dollar Tier ‌2 ⁠subordinated ⁠bonds, according to an updated term sheet ​on Tuesday.

Here are some details:

* Tier 2 bonds ​are a form of bank capital that can absorb losses if the ​lender gets into financial ⁠difficulty.


* The ‌bonds were launched ​at ​173 basis points over U.S. Treasuries, ⁠tighter than the initial price guidance ​of about 205 basis points.

* They ​have a 10-year maturity, with the bank able to repay them early after five years, subject to regulatory approval.

* The bonds ‌will mature on September 17, 2036, and are expected to ​be rated 'Ba1' ​by Moody's.

* ⁠Kasikornbank is rated 'Baa1' by Moody's and 'BBB' by S&P and Fitch.

* Proceeds will be used ​for general corporate purposes.

* BNP Paribas, Citigroup, JPMorgan and Standard Chartered Bank are joint lead managers and bookrunners.