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Thai Banking Agency Plans to Raise Funds in Local Markets to Pay Off Loans.
Byline: Krissana Parnsoonthorn
Aug. 3--The Industrial Finance Corporation of Thailand plans to raise additional funds totalling 24 billion baht, with the majority consisting of promissory notes, in the second half of this year.
All deals will be made to mobilise short-term funds from the domestic market to meet the baht-loan demand from borrowers, mainly small and medium enterprises, said Yada Prapinmongkolkarn, IFCT executive vice-president.
Including proceeds from the second-half fund-raising programme, the IFCT will mobilise a total of 47 billion baht by the year-end. In the first half, it issued debentures, promissory notes and bills of exchange valued at 23.08 billion baht.
"The local money market still has excess liquidity which will benefit IFCT in raising funds in baht, but interest rate uncertainties and the planned issues of bonds by the Financial Institutions Development Fund will affect the bond market," said Ms Yada.
Over the next three years, regulators plan to issue up to 774 billion baht worth of bonds, with terms from six to 20 years, to help refinance short-term obligations of the Financial Institutions Development Fund.
Some 320 billion baht worth of bond issues are planned in the fourth quarter. While Bank of Thailand officials say they will not affect interest rates, yields in the secondary market have risen over the past several weeks following the announcement of the bond issues.
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