Global law firm Ashurst represented Credit Guarantee and Investment Facility ("CGIF"), a trust fund of the Asian Development Bank ("ADB"), on the THB 1 billion 3.1% 5-year bond issued by SNC Former Public Company Limited ("SNC"), guaranteed by CGIF.
The bond was issued under the ASEAN+3 Multi-Currency Bond Issuance Framework, a policy initiative under the Asian Bond Markets Initiative (ABMI) to standardize the bond and note issuance processes with the goal of strengthening bond market linkages among the ASEAN+3 countries.
This is one of multiple deals Ashurst has worked on with CGIF as they continue to promote the local currency capital markets in Asia by credit wrapping Asian based issuers, and also the first deal the firm advised CGIF on that is denominated in Thai Baht. As the Guarantor counsel, Ashurst drafted the Guarantee Agreement, Guarantee Fee Letter and Reimbursement and Indemnity Agreement.
CGIF is a multilateral facility established by the Association of Southeast Asian Nations members, China, Japan, Korea ("ASEAN+3") and Asian Development Bank ("ADB"). It is established as a trust fund of ADB to provide credit enhancements, mainly in local currencies, issued by credit worthy ASEAN+3- domiciled bond issuers. CGIF has a strong credit profile, with national scale AAA credit rating in Thailand, Malaysia, Indonesia and Philippines through its prudent and sound financial policies.
Lead partner Jini Lee commented, "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."
The transaction was led by global co-head of finance, funds and restructuring Jini Lee, supported by Janet Ouyang, Eleanor Zhao and Claire Chen.
