Ashurst advised Credit Guarantee and Investment Facility on THB 1 billion bond issued by SNC Former Public Company
Ashurst advised Credit Guarantee and Investment Facility (“CGIF”), a trust fund of the Asian Development Bank (“ADB”), on SNC Former Public Company Limited’s THB 1 billion 3.1% 5-year bond.
The ASEAN+3 Multi-Currency Bond Issuance Framework, a policy initiative under the Asian Bond Markets Initiative (ABMI), standardizes bond and note issuance processes to strengthen bond market links among ASEAN+3 countries.
Jini Lee, Partner
This is the first Thai Baht-denominated deal Ashurst has advised CGIF on as they promote Asian local currency capital markets by credit wrapping Asian issuers. Ashurst drafted the Guarantee Agreement, Guarantee Fee Letter, and Reimbursement and Indemnity Agreement as Guarantor counsel.
ASEAN+3 (China, Japan, Korea) and Asian Development Bank created CGIF, a multilateral facility (“ADB”). The ADB trust fund provides credit enhancements, mostly in local currencies, to creditworthy ASEAN+3 bond issuers. Through prudent financial policies, CGIF has national AAA credit ratings in Thailand, Malaysia, Indonesia, and the Philippines.
“We are proud and honored to continue our long standing relationship with CGIF having built on a relationship of trust and confidence over a number of years.” said lead partner Jini Lee.
Jini Lee led the deal with Janet Ouyang, Eleanor Zhao, and Claire Chen.
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