Yoma Strategic Holdings, a Myanmar-based corporation with businesses spanning real estate, mobile financial services, leasing, food and beverage, automotive and heavy equipment, and investments, on November 22 issued its second bond offering amounting to 1.7 billion baht ( US$48.20 million ).

The dual-tranche bonds are fully guaranteed by the Credit Guarantee and Investment Facility ( CGIF ), a trust fund established by the Asian Development Bank, and rated AAA by TRIS Rating Company, a partner of S&P Global Ratings.

The fixed-rate notes, with maturities of three and five years, will allow Yoma Strategic to optimize its debt maturity profile. Despite the challenging market conditions, the offering has garnered healthy interest from Thai institutional investors, drawing both participants in its first bond issuance in 2019 and new investors.

Yoma Strategic chief executive officer Melvyn Pun says the completion of the transaction is another important step in strengthening the group’s balance sheet and optimizing its capital structure.

Listed on the main board of the Singapore Securities Exchange Trading, Yoma Strategic will use the entire proceeds from the bond issuance for the partial redemption of the 2.22 billion baht bonds it issued on January 25 2019. In line with the company’s commitment to deleveraging its balance sheet and enhancing financial stability, the remaining amount of bonds will be redeemed using its operating cash flow.

Twin Pine Group Company was the sole adviser for the transaction, while Bangkok Bank acted as the sole bond arranger.

Twin Pine founder and CEO Adisorn V Singhsacha says: “After a pioneering transaction in 2019, Yoma Strategic’s bond issuance in Thailand for the second time demonstrates the company’s resilience, prudent financial management, and strategic planning amid numerous challenges. The support from all partners in this transaction shows close cooperation and long-term value we hold together, which is important for the development of the businesses and capital markets in the region.”