Weerawong, Chinnavat & Peangpanor Ltd. advised Thanachart Bank Public Company Limited, a leading commercial bank in Thailand, in connection with the first Tier 2 convertible debentures issuance in the Kingdom of Thailand, valued at THB 13 billion. These convertible debentures will be used by Thanachart Bank for its Tier 2 regulatory capital purposes and will complement Thanachart Bank’s ability to meet the capital adequacy requirements of the Bank of Thailand in accordance with the framework and guidance of the Basel III Accord.  Thanachart Bank also acts as an underwriter.

The convertible bonds have been issued to qualified institutional investors and high net worth individuals in accordance with the applicable regulations of the Thai Securities and Exchange Commission.  As it is the first of its kind in Thailand for domestic Basel III Tier 2 convertible debentures (without written off/down feature), the Thanachart deal will clear the way for other Thai banks to follow suit.

Partners Peangpanor Boonklum and Veeranuch Thammavaranucupt led the transaction.